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Xbrane Biopharma is introducing a cost-savings scheme

Xbrane Biopharma is focusing the company’s development portfolio and, consequently, the development of Xtrudane (biosimilar candidate to Keytruda) has been terminated.

Furthermore, a cost-savings scheme is being introduced which is expected to result in around SEK 50 million in annual savings when fully implemented, states the company.

The development of Xtrudane has been terminated

Xbrane’s main aim is to achieve a positive cash flow as soon as possible and as previously announced, by no later than Q1 2025, it states. Therefore, Xbrane’s board has decided to focus the development portfolio on biosimilar candidates with established commercialization partners: Ximluci (Lucentis biosimilar), BIIB801 (Cimzia biosimilar candidate), and Xdivane (Opdivo biosimilar candidate) with the ambition of out-licensing the latter in the near future. Xdarzane (Darzalex biosimilar candidate) is being maintained in the portfolio while the development of Xtrudane (Keytruda biosimilar candidate) has been terminated.

Staff reductions totaling about 40 positions

The savings take place in all areas and include staff reductions totaling about 40 positions, including both permanent staff and consultants. The savings are realized gradually and are expected to be fully implemented in Q3 2024, states the company.

“Our business and purpose is based on driving a change towards a sustainable healthcare system with equal opportunity for health globally. To be able to drive this long-term change, we must now focus on our short-term financial sustainability. The focus of our development portfolio and the implementation of this cost-saving scheme are unfortunately necessary measures to achieve this. I deeply regret that our team will be affected, and that valuable expertise must leave the company,” says Martin Åmark, CEO of Xbrane.

Photo of Martin Åmark: Xbrane