Xbrane Biopharma AB (publ) announced that it 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.

Xbrane's main aim is to achieve a positive cash flow as soon as possible and as previously announced, by no later than First Quarter 2025. 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.

Because of the focused development portfolio, and the in-house process development for BIIB801 and Xdivane? is being finalized, Xbrane is implementing a cost-savings scheme expected to generate cost savings of around SEK 50 million annually when fully implemented. 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 Third Quarter 2024. Xbrane's long-term strategic ambition to become a leading biosimilar developer remains. The company has identified several development opportunities for biosimilars potential launch in 2030?2035.

It is Xbrane's plan and ambition to begin developing an expanded portfolio as soon as judged possible.