Having recently sold an equity stake in Samsung Bioepis for up to $2.3 billion, Biogen (NSDQ:BIIB) has announced a licensing deal with Xbrane Biopharma (STO:XBRANE), a Swedish biosimilar developer.
The agreement relates to the development of Xcimzane, a preclinical monoclonal antibody referencing Cimzia (certolizumab pegol) from UCB.
Having first won FDA approval in 2018 for moderate to severe Crohn’s Disease, Cimzia has a primary indication for rheumatoid arthritis in adults. The drug is also indicated for axial spondylarthrosis, psoriasis and Crohn’s disease.
Global sales of the drug were €1.8 billion in 2020.
The collaboration deal will give Biogen exclusive global rights to the drug.
“This preclinical biosimilar candidate has the potential to add another option for patients living with rheumatoid arthritis and other indications,” said Ian Henshaw, head of global biosimilars at Biogen, in a news release.
BIIB shares were mostly flat, falling 0.10% to $221.30.
Under the terms of the agreement, Biogen will make an upfront payment of $8 million to Xbrane.
Xbrane will be eligible for an additional $80 million in potential milestone-based payments.