Edison Investment Research - Xbrane Biopharma AB (XBRANE) Xbrane Biopharma - Biosimilar focus after successful partnering

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Edison Investment Research

Dr John Savin

Xbrane Biopharma - Biosimilar focus after successful partnering

Xbrane now focuses on developing high-margin biosimilar products. In July, Xbrane did a deal with STADA on Xlucane, its Lucentis biosimilar and gained an upfront fee of â‚¬7.5m; management estimates that Xbraneâ€™s 50:50 profit share could be worth up to â‚¬100m per year. STADA will market Xlucane. Xbrane aims to start clinical development in Q119. In drug delivery, Spherotide bulk sales to Iran were SEK14m to June 2018. In Europe, the key market, Spherotide development requires a partner to fund trials. The Chinese deal with CR Pharma completed in February, bringing a SEK13m fee. Our valuation has been revised to SEK581m.

23/11/2018 14 EN

Underlying

Xbrane Biopharma AB

Xbrane Biopharma AB, formerly Xbrane Bioscience AB, is a Sweden-based provider of biotechnology research and development services. It develops biogenerics for injectable slow release drugs and high-yield protein expression technology for the development of biosimilars. The Company's main products are Sperotide, a generic on the originator drug marketed under the trademarks Decapeptyl, Trelstar and Pamorelin, as well as Xlucane, a biosimilar on the originator drug sold under the trademark Lucentis.

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SE0007789409 Nasdaq Nordic Stockholm Sweden

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Dr John Savin

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Xbrane Biopharma - Biosimilar focus after successful partnering

Xbrane Biopharma AB: 2 directors bought

Xbrane Biopharma - Mammalian movement

Xbrane Biopharma - Biosimilar focus with Phase III trial about to start

Accsys Technologies - Upgrading guidance for the full year

Topps Tiles - Market outperformance again in FY24

Nabaltec - Resilience and margin expansion

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