Biogen Inc (NASDAQ:BIIB) and Xbrane Biopharma AB have entered into a license agreement to develop, manufacture, and commercialize Xcimzane, a preclinical monoclonal antibody, a proposed biosimilar referencing UCB SA's (OTC:UCBJY) Cimzia (certolizumab pegol)
- Cimzia's primary indication is for rheumatoid arthritis in adults and axial spondylarthrosis, psoriasis, and Crohn's disease.
- In 2020 global sales of Cimzia were €1.8 billion. Under the agreement terms, Biogen will gain exclusive global regulatory, manufacturing, and commercial rights to Xcimzane.
- Biogen will make an upfront payment of $8 million to Xbrane.
- Xbrane can receive up to $80 million in potential milestone payments and tiered sales-based royalties.
- Xbrane will be responsible for completing the preclinical development of Xcimzane, and Biogen will be responsible for all remaining development activities and costs required to achieve Marketing Authorization in all territories, including clinical development.
- Price Action: BIIB shares traded 1.11% lower at $218.85 on Tuesday.