Xbrane Entered into an Agreement with Alvotech to sell XB003 (Biosimilar, Cimzia) and Parts of its Organization for ~$27.25M
Shots:
- Xbrane has signed an agreement with Alvotech to sell XB003 (Biosimilar, Cimzia) including related IP and parts of its organization, including 40 employees & laboratory equipment at ~$27.25M (~SEK 275M). The transaction closing is subject to approval from Xbrane's shareholders at the EGM on Apr 14, 2025, and FDI approval.
- Xbrane will receive SEK 275M (approx. $27.24M) including SEK 102.25M (approx. $10.13M) cash at closing, SEK 152.75M (approx. $15.13M) assumption of outstanding convertible bonds held by CVI Investments, and SEK 20M (approx. $1.98M) assumption of outstanding debt
- The reduction in Xbrane's organization will lower annual fixed costs by about SEK 120M
Ref: Xbrane | Image: Xbrane & Alvotech
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