Xbrane, a Stockholm, Sweden-based biopharmaceutical company specialized in High Demand Complex Generics, acquired Primm Pharma, a Milan, Italy-based company specialized in the development and production of pharmaceutical formulations for slow release injections.
The amount of the deal was not disclosed.
Led by Paolo Sarmientos, Primm Pharma has a portfolio currently consisting of five slow release biogeneric candidates. The lead product Spherotide* will primarily be used for the treatment of prostate cancer and endometriosis and will be available in emerging markets from mid 2017.
The acquisition extends Xbrane’s current portfolio to 8 development candidates. The company estimates that the combined market for the original drugs of which its portfolio of complex generics addresses is around USD10 billion. As a first step, earlier this month, Xbrane completed a deal with the Iranian company Pooyesh Darou for the distribution of Primm Pharma’s lead biogeneric pharmaceutical Spherotide into the Middle East market.
The deal brings the company’s potential annual revenue of USD10 million.
Led by Martin Åmark, CEO, Xbrane has expertise in developing biogenerics for injectable slow release drugs and proprietary high-yield protein expression technology for the development of biosimilars.
The company’s in-house research and development facilities are in Sweden and Italy.
*Spherotide is a biogeneric version of the Decapeptyl containing the active substance triptorelin and is used primarily in the treatment of cancer. Each year more than 1.1 million people are diagnosed with prostate cancer globally and the prevalence of the disease is expected to increase continuously for the foreseeable future.