To further focus on becoming a world leading biosimilar developer Xbrane enters a non-binding term-sheet to divest its Italian subsidiary Primm Pharma
Xbrane Biopharma AB (“Xbrane” or the “Company”) announces today that the company has entered into a non-binding term-sheet with New.Fa.Dem. S.r.l. (“NewFaDem”) for a divestment of Primm Pharma. The non-binding terms include the sale of 100% of the shares in Primm Pharma to NewFaDem for a total consideration of up to €14 million to be paid in part upfront and on development and sales related milestones.
Primm Pharma is a fully owned subsidiary of Xbrane located in Italy and specialized in the development of long acting injectables based on a microsphere encapsulation technology. Primm Pharma´s lead product candidate is Spherotide, a long acting triptorelin formulation, intended to become the first approved generic to Decapeptyl with global annual sales of approximately € 400 million. The next step in the development of Spherotide is to initiate the pivotal phase III trial and proceed towards filing in Europe.
Xbrane´s long term focus is to become a world leading biosimilar developer, and hence Primm Pharma falls outside its strategic scope.
Xbrane and NewFaDem jointly target to complete the transaction during 2021, after a confirmatory due diligence has taken place. Plexus Ventures assists Xbrane as the Advisors on this transaction.