Xbrane Biopharma has entered into a non-binding term-sheet with NewFaDem for a divestment of Primm Pharma.
Xbrane’s long term focus is to become a world leading biosimilar developer, and hence Primm Pharma falls outside its strategic scope, the company states in its press release.
A total consideration of up to €14 million
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, reports the company in its press release.
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, according to Xbrane’s press release. The next step in the development of Spherotide is to initiate the phase III trial and proceed towards filing in Europe.
Xbrane and NewFaDem jointly target to complete the transaction during 2021, after a confirmatory due diligence has taken place.
Photo of Martin Åmark, CEO, Xbrane