Coherus BioSciences and Baxter Announce Amendment to Etanercept Biosimilar Collaboration Agreement
April 15 2015 - 8:00AM
Coherus BioSciences, Inc. (Nasdaq:CHRS) and Baxter International
Inc. (NYSE:BAX) today announced that they have amended certain
financial terms of their collaboration agreement established in
August 2013 regarding the development and commercialization of
CHS-0214, an etanercept biosimilar product candidate, for Europe,
Canada, Brazil, and certain other markets.
Under the terms of the amended agreement, certain existing
milestones and funding obligations have been revised, and the
collaboration has been expanded to include select
pre-commercialization activities. In aggregate, the revised
milestone payments may exceed the previous Baxter funding
obligations by approximately $12 million. Additionally, Baxter has
agreed to purchase Coherus common stock in a private placement
transaction. All other contractual provisions remain materially
unchanged.
"We are pleased that Baxter, a premier healthcare company, has
reinforced its commitment to our collaboration," said Denny
Lanfear, President and Chief Executive Officer of Coherus. "This
amendment further aligns our shared interest in bringing high
quality biosimilar therapeutics to patients around the world."
"With this amended agreement, we will continue to advance
development of the etanercept biosimilar program and begin
preparations for eventual commercialization in Europe," said Dagmar
Rosa-Björkeson, global head of biosimilars for Baxter
BioScience.
About Coherus BioSciences, Inc.
Coherus is a leading pure-play, global biosimilar company with a
focus on developing products for the major regulated markets.
Composed of a team of industry veterans with decades of experience
in bringing biologics to market, our goal is to become a worldwide
leader in the biosimilar market by leveraging our biologics
platform in key areas such as process science, analytical
characterization, protein production, and clinical-regulatory
development. Coherus possesses late stage clinical products and
commercialization partnerships with multinational pharmaceutical
companies in Europe and Asia.
Biosimilars are intended for use in place of existing, branded
biologics to treat a range of chronic and often life-threatening
diseases, with the potential to reduce costs and expand patient
access. For additional information, please visit
www.coherus.com.
About Baxter International Inc.
Baxter International Inc., through its subsidiaries, develops,
manufactures and markets products that save and sustain the lives
of people with hemophilia, immune disorders, cancer, infectious
diseases, kidney disease, trauma, and other chronic and acute
medical conditions. As a global, diversified healthcare company,
Baxter applies a unique combination of expertise in medical
devices, pharmaceuticals and biotechnology to create products that
advance patient care worldwide. By mid-2015, Baxter expects to
establish the BioScience businesses as a separate, publicly traded,
innovation oriented biotechnology firm.
This release includes forward-looking statements concerning an
amendment to an agreement between Baxter International Inc. and
Coherus BioSciences, Inc., including expectations with regard to
future milestone payments, the statements by Mr. Lanfear and Ms.
Rosa-Björkeson regarding the implications and expected benefits of
the amendment. The statements are based on assumptions about many
important factors, including the following, which could cause
actual results to differ materially from those in the
forward-looking statements: satisfaction of regulatory and other
requirements; actions of regulatory bodies and other governmental
authorities; additional clinical results; changes in laws and
regulations; issues with product quality, manufacturing or supply,
or patient safety issues; and other risks identified in the
companies' periodic reports filed with the SEC including current
reports on Form 8-K, quarterly reports on Form 10-Q and annual
reports on Form 10-K. Baxter and Coherus undertake no obligation to
update or revise any forward-looking statements.
CONTACT: Susanna Chau
Investor Relations
Coherus BioSciences, Inc.
schau@coherus.com
+1 (650) 649-3577
Mary Kay Ladone
Investor Relations
Baxter International
+1 (224) 948-3371
Kellie Hotz
Media Relations
Baxter International
media@baxter.com
+1 (224) 948-5353
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