Serendipity Ixora proposes distribution of its Xbrane shares to its shareholders, after which Serendipity Group becomes the largest shareholder in Xbrane if the distribution is executed
Xbrane Biopharma AB (publ) ("Xbrane" or "the Company") informs that the Company's largest shareholder Serendipity Ixora AB ("Serendipity Ixora"), intends to distribute all its shares in Xbrane to its shareholders. After the distribution that is expected to take place after 19 January 2018, Serendipity Group AB will own 10.51 percent of the outstanding shares in Xbrane and be the largest shareholder.
Serendipity Ixora owns today 1,236,022 shares, equivalent to 20.75 percent, of total outstanding shares in Xbrane. The proposal of distribution of shares is conditional approval from the Extra General Meeting in Serendipity Ixora that is scheduled to 10 January 2018. The notice of the Extraordinary General Meeting is scheduled to be published in the national media on 27 December 2017. If the proposal is approved, the record date will be January 12, 2018. Thereafter, the distribution of shares is expected after 19 January 2018.
If the distribution is approved, Serendipity Group, which today holds 45.82 percent of the shares in Serendipity Ixora, will be the single largest shareholder in Xbrane with 10.51 percent of the shares and votes in the Company. Serendipity Group is owned by 50 percent each of Xbrane's chairman Saeid Esmaeilzadeh and his business partner Ashkan Pouya. The distribution is a part of Serendipity Ixora's intention to divest its listed holdings to their shareholders.
Saeid Esmaeilzadeh, Chairman of the Board in Xbrane, comments: "Me and my business partner Ashkan have been with the Company since foundation and we are happy and proud of how the Company has developed. The decision about distribution of shares is a strategic decision for Serendipity Ixora to divest its listed holdings. We look at Xbrane as a long-term investment and we believe there are very good opportunities for us as shareholder, now through Serendipity Group, to get a continued good return from today's levels. Complex generics and biosimilars are still an unexploited area within drug development and we believe that Xbrane is very well positioned to become one of the world's leading players."
Martin Åmark, CEO Xbrane, comments: "Being a young and fast-growing company it is highly valued to have a strong, committed and long-term shareholder. At the same time, I would like to welcome the new shareholders on Xbrane's journey."
Xbrane is a commercial phase Swedish biopharmaceutical company specialized in biosimilars and long acting injectables. Xbrane has world leading expertise in developing generics for long acting injectable drugs and proprietary high-yield protein expression technology for the development of biosimilars. Xbrane's headquarter is located in Stockholm and the company's in-house research and development facilities are in Sweden and Italy. Xbrane is listed at Nasdaq First North since February 3rd, 2016 under the name XBRANE and Avanza Bank AB is Xbrane's Certified Adviser. For more information see www.xbrane.com.
About Serendipity Group
Serendipity Group AB is Saeid Esmaeilzadeh and Ashkan Pouya's jointed holding company, where they both own 50 percent of the shares. The company was founded in 2010.
For further information, please contact:
Martin Åmark, CEO
M: +46 (0) 763-093 777
Susanna Helgesen, CFO/IRM: +46 (0) 708-278 636
This information is information that Xbrane Biopharma AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU) no. 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 pm 22 December 2017.