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Science for High quality BiosimilarsApril 2020

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IMPORTANT INFORMATIONYou must read the following before continuing. The following applies to this document and the information provided in this presentation by Xbrane Biopharma AB (publ) (the “Company”) or any person on behalf of the Company and any other material distributed or statements made in connection with such presentation (the “Information”), and you are therefore advised to carefully read the statements below before reading, accessing or making any other use of the Information. In accessing the Information, you agree to be bound by the following terms and conditions.

The Information does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or a successor entity or any existing or future subsidiary or affiliate of the Company, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any of such subsidiaries or affiliates nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Specifically, this presentation does not constitute a “prospectus” within the meaning of the U.S. Securities Act of 1933, as amended.

The Information may not be reproduced, redistributed, published or passed on to any other person, directly or in directly, in whole or in part, for any purpose. The Information is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Information is not for publication, release or distribution in the United States, the United Kingdom, Australia, Canada or Japan, or any other jurisdiction in which the distribution or release would be unlawful.

All of the Information herein has been prepared by the Company solely for use in this presentation. The Information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or the opinions contained herein. The Information contained in this presentation should be considered in the context of the circumstances prevailing at that time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes.

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XBRANE BIOPHARMA – THE ONLY NORDIC PUBLIC BIOSIMILAR DEVELOPER

Low-risk high potential lead

phase III biosimilar

• Xlucane (Lucentis® biosimilar) is a low-risk product partnered withSTADA and Bausch + Lomb addressing a €10.4b market expected to generate +€100m in annual net-income to Xbrane three years after its launch during 2022

• Xlucane will deliver near term triggers: • Q3 2020: Phase III fully recruited• First half of 2021: Phase III top-line data • Q2 2021: MAA/BLA filing • Mid-2022: MAA/BLA approval

• Pipeline biosimilar candidates addressing €8.7b of originator sales based on flexible, patented high-yield platform technology

• Strong balance sheet - recent 146 mSEK directed share issue

Near term triggers

Strong pipeline of biosimilar candidates

Strong financial position

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BIOSIMILARS ARE SIMILAR BUT NOT IDENTICAL TO ORIGINATOR BIOLOGICS

Biological originator drug:

• Gene introduced to cell instructing it to produce a protein

• Separation of the protein as active substance in drug

Biosimilar: • Gene instructing cell to produce identical protein as originator product

• Can be demonstrated as highly similar but not identical to originator product

Gene Living cell Protein

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Xlucane used in treatment of severe eye diseases Xlucane binds to growth factor VEGFa

Binds to growth factor VEGFa and thereby inhibits growth of abnormal blood vessels causing the

deteriorating vision

Growth ofabnormal

blood vessels

Intravitrealinjection of

VEGFainhibitor

Normal visionAffected vision

Leads to deterioration of vision and in worst case blindness

Wet age-related macular degeneration (“wAMD”) and Diabetes related macular edema (“DME”)

XLUCANE IS A BIOSIMILAR TO LUCENTIS® BINDING TO GROWTH FACTOR VEGFaAND THEREBY RESTORES VISION

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1

10

100

0 8 16 24 32 40 48

Mea

n (n

g/m

L)

Time (hr)1 mg/total Lucentis1 mg/total Xlucane

Xlucane demonstrates similar PK pattern in vivo

70%

80%

90%

100%

110%

120%

130%

+/- 3 Standard Deviations of Lucentis®

Commercial Scale Xlucane Batches

Bioactivity VEGFa (Reporter Gene Assay)

Xlucane binds equivalently to VEGFa as Lucentis®

”The preliminary physicochemical and biological similarity assessment, confirms a high degree of biosimilarity. All defined acceptance criteria are met.” – EMA tailored scientific advice

February 2020

Source: Xbrane pre-clinical package

VEGFa 165 VEGFa 110 VEGFa 189 VEGFa 121

XLUCANE BINDS EQUIVALENTLY TO VEGFa AS LUCENTIS®

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XPLORE IS A PIVOTAL PHASE III WITH OBJECTIVE TO DEMONSTRATE EQUIVALENCE OF XLUCANE VS. LUCENTIS®

Equivalence margin agreed with EMA and FDA

MARINA clinical trial (Lucentis® vs. placebo)

PlaceboLucentis® 0.5 mgLucentis® 0.3 mg

Xlucane290 patients

Objective to demonstrate equivalence vs. Lucentis®Xplore is a pivotal phase III equivalence trial

Lucentis®290 patients

Week 8Primary end-point

Week 52End of treatment

8

14%

3%

20%

0

100

200

300

400

500

600

Recruited patients Active clinics

10%

3%42%

Eastern Europe

8%

APRIL 2019 MARCH 2020

AS PER BEGINNING OF MAY 381 OF 580 PATIENTS RECRUITED

% of recruitedpatients

LPI Q2

COVID-19 impact

Pre- COVID

-19

LPI Q3

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Xlucane Pivotal Phase III Trial

Study close down

First patient inApril 2019

Last patient in (LPI)

MAA/BLA

Submission(based on 6 month

data)

Approval

2019 2020 2021

LoE EUJuly 2022

2022

Top-line data

XLUCANE APPROVAL EXPECTED AHEAD OF LUCENTIS® LOSS OF EXCLUSIVITY MID 2022 – MULTIPLE TRIGGERS EXPECTED BEFORE

Xlucane launch

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STRONG PARTNERS IN PLACE TO COMMERCIALIZE XLUCANE

Profile: • Biosimilar specialist with sales force and tender teams in place

• Eye product and pharma specialist withexisting specialist sales force with strong relationships to the 2.5K eye clinics in US prescribing Lucentis®

Territory to commercialize:

• EU, MENA and select APAC countries • North America

Deal: • Co-development deal with 50/50 development cost and profit split

• Mid single digit mUSD up-front, approval and launch milestones and profit share

• 50/50 share of all proceeds with STADA

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XLUCANE ADRESSES A €10.4 B MARKET GROWING AT 10% PER YEAR

VEGFa Inhibitors Ophthalmic Use (€ B)

Source: Novartis, Regeneron and Roche financials

3,0 3,1 3,5 3,6

0,035

4,6 5,15,9

6,8

7,68,2

9,4

10,4

0,0

2,0

4,0

6,0

8,0

10,0

12,0

2016 2017 2018 2019

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RECENT RAPID BIOSIMILAR UPTAKE IN BOTH EUROPE AND US

Source: IQVIA, Bernstein

Filgrastim

Epoetin

Inflix

imab

Etane

rcept

Ritu

ximab

Tras

tuzu

mab

Peg-

filgr

astim

Adal

imum

ab

Filgrastim

Infliximab

Peg-

filgr

astim

Epoe

tin

Bevacizumab

Trastuzumab

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XBRANE HAS STRONG COMMERCIALIZATION PARTNERS RELATIVE COMPETING LUCENTIS® BIOSIMILARS

Developer Partner Profile

• Biosimilar specialist

• Eye product and pharma specialist

• Biosimilar specialist

• Novel biologics and biosimilar specialist

Overview of phase III Lucentis® Biosimilar Developers

1) Data as per 2020-[-] (capitaliq.com)

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Sales target Total

+€100m

Annualnet-

incometarget

Potential upside

Annual net-incometarget

Market expansion through more patients and doses per patient

in Europe and US

Taking market share from

Eylea

Target untreated

patients in rest of world

XLUCANE EXPECTED TO GENERATE NET-INCOME OF +€100 M THREE YEARS AFTER LAUNCH FOR XBRANE

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OUR PORTFOLIO: TARGET APPROXIMATELY € 12 BILLION IN ORIGINATOR SALES

Commercialization Partner

Candidate / Product

Originator Product Indication Development

PhasePlanned Launch

Xlucane

Xcimzane

Lucentis®(Roche)

Cimzia®(UCB)

Age related macular degeneration, Diabetic

macular edema, Diabetic related retinopathy

Rhematoid arthrisis, psoriatic arthrisis,

ankylosing spondylotis, psoriasis and Crohn’s

disease

At patent expiry

Primary Patent Expiry

2020 / 2022

(US) / (EU)

2025/2024 (EU/USA)

Global Annual Sales

€3.6b

€1.7b At patent expiry

Ongoing Phase III

Pre-clinical

Xoncane Oncaspar®(Servier)

Acute Lymphotic (ALL) Expired €0.2b Pre-clinical

Decapeptyl®(Debiopharm

/ Ipsen / Ferring)

Prostate cancer, Breast cancer, Endometriosis and

MyomaExpired €0.4b Pre-clinical

Total €12.3b

Opdivo®(BMS)

Lung, liver, head & neck, kidney, colorectal cancer

and melanoma2026-2030 €6.4b

At patent expiryPre-clinicalXdivane

Spherotide

Ongoing evaluation by

STADA

Ongoing evaluation by

STADA

Pre-clinical trial

Phase completed

Ongoing phase III

Remaining

Source: Year end reports, IQVIA

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EXPERIENCED AND DEDICATED TEAM

Management Board of Directors

Martin ÅmarkCEO

Siavash BashiriCOO

Susanna HelgesenCFO

David VikströmCTO

Anders Tullgren Chairman of the Board

Eva NilsagårdDirector of the Board

Karin WingstrandDirector of the Board

Dina JurmanHead of Clinical

Affairs

Maria EdebrinkHead of Regulatory

Affairs

Anders WallströmHead of

Manufacturing & Supply Chain

Peter EdmanDirector of the Board

Giorgio ChiriviDirector of the Board

Ivan Cohen-TanugiDirector of the Board

Xiaoli HuHead of Business

Development

Mats ThorenDirector of the Board

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XBRANE BIOPHARMA – THE ONLY NORDIC PUBLIC BIOSIMILAR DEVELOPER

Low-risk high potential lead

phase III biosimilar

• Xlucane (Lucentis® biosimilar) is a low-risk product partnered withSTADA and Bausch + Lomb addressing a €10.4b market expected to generate +€100m in annual net-income to Xbrane three years after its launch during 2022

• Xlucane will deliver near term triggers: • Q3 2020: Phase III fully recruited• First half of 2021: Phase III top-line data • Q2 2021: MAA/BLA filing • Mid-2022: MAA/BLA approval

• Pipeline biosimilar candidates addressing €8.7b of originator sales based on flexible, patented high-yield platform technology

• Strong balance sheet - recent 146 mSEK directed share issue

Near term triggers

Strong pipeline of biosimilar candidates

Strong financial position

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Science for High quality Biosimilars