Swedish biopharmaceutical company Xbrane Biopharma AB (STO:XBRANE) said on Tuesday that it has renegotiated a licence agreement with Vaxiion Therapeutics, a San Diego-based biopharmaceutical company.

This agreement covers certain intellectual property rights, mainly relating to patent US7871815B2.

Vaxiion's intellectual property (IP) is used by Xbrane as an important part of its platform technology to enhance the production yield and thereby lower production cost for certain biosimilar candidates in its portfolio, including Xlucane.

The renegotiated licence agreement gives Xbrane full non-exclusive rights to the IP and entitles Vaxiion to a low single digit million Swedish krona upfront payment as well as low single digit royalties on sales income generated by Xbrane from pharmaceutical products produced leveraging the IP, through February 2024.

After February 2024, Xbrane can continue to utilise the Vaxiion IP for all its products without any further royalty payments to Vaxiion.