Inspired returns

Celtic Pharmaceutical Holdings is looking at a potential 10X return from Inspiration Biopharmaceuticals Inc., according to Stephen Evans-Freke, who is co-manager of Celtic Pharma's first fund.

The prognostication is based on the implied enterprise value of the company in last week's deal with Ipsen Group (Euronext:IPN), which will buy a 20% stake for $85 million...