BRAIN Biotech AG sells proceeds from the license of a pharmaceutical active ingredient of up to 128.88 million euros from its bio incubator
BRAIN Biotech AG today announced the sale of all revenue interests in the pharmaceutical subsidiary, which resulted from the development up to the clinical development phase IIa of a new active pharmaceutical ingredient (API) from its bio incubator.
The buyer is the US pharmaceutical company Xbrane Biopharma, Inc., which is specialized in the development and manufacture of complex active pharmaceutical ingredients and medicines. The total revenue is up to 128.88 million euros and consists of an upfront payment in the amount of 5.4 million euros as well as potential milestone payments of up to 123.48 million euros. The closing of the transaction is scheduled to take place in the second half of 2023 and is subject to the approval of the relevant antitrust authorities.
The API was originally developed by the BRAIN subsidiary, BRAINCells GmbH, which was founded in 2016. BRAINCells researches and develops modulating active pharmaceutical ingredients for the treatment of neurodegenerative diseases. The API sold is a small molecule that modulates various ion channels and receptors in the central nervous system. Preclinical studies have shown that the API has a disease-modifying effect in animal models of neurodegenerative diseases.
The sale of the revenue interests is a significant milestone for BRAIN Biotech AG. It demonstrates the company's ability to successfully develop and commercialize innovative active pharmaceutical ingredients and medicines from its bio incubator. The proceeds from the sale will be used to further develop the company's pipeline of promising drug candidates and to expand its bio incubator.
About BRAIN Biotech AG:
BRAIN Biotech AG is a leading European provider of research and development services in the life sciences industry. The company's services include target validation, hit identification and lead optimization, as well as process development and GMP manufacturing of complex molecules.
BRAIN Biotech AG has a proven track record of working with pharmaceutical and biotechnology companies to develop and commercialize innovative drugs and medicines. The company's bio incubator provides a unique platform for the development of early-stage drug candidates.
About Xbrane Biopharma, Inc.:
Xbrane Biopharma, Inc. is a specialty pharmaceutical company developing and manufacturing complex generic and branded injectable products. The company's mission is to provide high-quality, affordable medicines to patients in need.
Xbrane Biopharma, Inc. has a strong track record of developing and commercializing complex injectable products. The company's products are sold in over 50 countries around the world.
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