Xbrane has partnered with California-based CDMO JOINN Biologics to advance CMC development of Xdarzane, its preclinical daratumumab biosimilar. No capital is required from Xbrane at this stage — progress beyond pilot-scale is contingent on securing a commercial out-licensing partner, which remains the key milestone to watch. We make no fair value changes, but view the deal as a positive development that reflects meaningful pipeline optionality.
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