Brief: Xbrane Signs Non-Binding Term-Sheet On Sale Of Primm Pharma

Xbrane Biopharma AB

24/02/2021 07:12

Feb 24 (Reuters) - Xbrane Biopharma AB  XBRANE.ST :
    * TO FURTHER FOCUS ON BECOMING A WORLD LEADING BIOSIMILAR
DEVELOPER XBRANE ENTERS A NON-BINDING TERM-SHEET TO DIVEST ITS
ITALIAN SUBSIDIARY PRIMM PHARMA
    * NON-BINDING TERMS INCLUDE SALE OF 100% OF SHARES IN PRIMM
PHARMA
TO NEWFADEM FOR A TOTAL CONSIDERATION OF UP TO EUR 14 MILLION TO
BE PAID IN PART UPFRONT AND ON DEVELOPMENT AND SALES RELATED
MILESTONES.
    * ENTERED INTO A NON-BINDING TERM-SHEET WITH NEW.FA.DEM.
S.R.L.
("NEWFADEM") FOR A DIVESTMENT OF PRIMM PHARMA.
    * HAS ENTERED INTO A NON-BINDING TERM-SHEET WITH NEW.FA.DEM.
S.R.L. ("NEWFADEM") FOR A DIVESTMENT OF PRIMM PHARMA
    * XBRANE AND NEWFADEM JOINTLY TARGET TO COMPLETE TRANSACTION
DURING 2021, AFTER A CONFIRMATORY DUE DILIGENCE HAS TAKEN PLACE
    * NON-BINDING TERMS INCLUDE SALE OF 100% OF SHARES IN PRIMM
PHARMA
TO NEWFADEM FOR A TOTAL CONSIDERATION OF UP TO EUR 14 MILLION TO
BE PAID IN PART UPFRONT AND ON DEVELOPMENT AND SALES RELATED
MILESTONES.
    * XBRANE ́S LONG TERM FOCUS IS TO BECOME A WORLD LEADING
BIOSIMILAR DEVELOPER, AND HENCE PRIMM PHARMA FALLS OUTSIDE ITS
STRATEGIC SCOPE.

Source text for Eikon:  ID:nMFN7vVNtS 
Further company coverage:  XBRANE.ST 

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