Coherus Secures Private Placement from Temasek
August 21 2017 - 8:30AM
Coherus BioSciences, Inc. (Nasdaq:CHRS) today announced plans to
raise up to $150 million in a two tranche private placement, the
first tranche of $75 million in aggregate gross proceeds to be
completed and funded by August 31, 2017 with 6,556,116 shares of
common stock to be issued at an offering price of $11.44 per share.
Temasek, an investment company headquartered in Singapore, plans
to invest up to $150 million over two tranches. The second tranche
is projected to be funded following receipt of the U.S. Food and
Drug Administration’s marketing approval for the CHS-1701
pegfilgrastim biosimilar product candidate, subject to market
pricing and certain closing conditions at that time, including each
party’s final approval.
Coherus intends to use the net proceeds from these private
placements for additional capital for the completion of development
and registration of the CHS-1701 pegfilgrastim biosimilar product
candidate, the launch of CHS-1701, the development and registration
of the CHS-1420 adalimumab biosimilar product candidate, the
development of the CHS-3351 ranibizumab biosimilar product
candidate, and for general corporate purposes.
“We are very pleased to have the support of a significant
investor of Temasek’s stature and reputation as we continue to
progress CHS-1701 and the rest of our pipeline,” commented Denny
Lanfear, Coherus Chief Executive. “We are gratified to have Temasek
as a shareholder as we advance our efforts to bring biosimilar
competition to the market, delivering cost savings for the
healthcare system and increasing access to essential biologics for
patients.”
The securities to be sold in these private placements have not
been registered under the Securities Act of 1933, as amended, or
any state securities laws, and will be sold in private placements
pursuant to Regulation D of the Securities Act. The securities may
not be offered or sold in the United States absent registration or
pursuant to an exemption from the registration requirements of the
Securities Act and applicable state securities laws. Coherus has
agreed to file a registration statement covering the resale of the
shares of common stock acquired by the investors.
About Coherus BioSciences, Inc. Coherus is a
leading pure-play, global biosimilar company that develops and
commercializes high-quality therapeutics for major regulated
markets. 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. Composed of a team of proven industry
veterans with world-class expertise in process science, analytical
characterization, protein production, sales & marketing and
clinical-regulatory development, Coherus is positioned as a leader
in the global biosimilar marketplace. Coherus is advancing three
late-stage clinical products towards commercialization, CHS-1701
(pegfilgrastim biosimilar), CHS-1420 (adalimumab biosimilar) and
CHS-0214 (etanercept biosimilar), as well as developing a robust
pipeline of future products in four therapeutic areas, oncology,
immunology (anti-TNF), ophthalmology and multiple sclerosis. For
additional information, please visit www.coherus.com.
Forward-Looking StatementsExcept for the
historical information contained herein, the matters set forth in
this press release, including statements regarding Coherus’ plans,
potential opportunities, expectations, projections, goals,
objectives, milestones, strategies, product pipeline, clinical
studies, product development, release of data and the potential
benefits of its products under development are forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995, including the
anticipated closings of each tranche of the private placement
transactions, Coherus’ anticipated use of proceeds from the private
placement transactions, and Coherus’ plans and strategy to advance
clinical products towards commercialization, including the
potential receipt of marketing approval for the CHS-1701
pegfilgrastim biosimilar product candidate. Such forward-looking
statements involve substantial risks and uncertainties that could
cause our clinical development programs, future results,
performance or achievements to differ significantly from those
expressed or implied by the forward-looking statements. Such risks
and uncertainties include, among others, the uncertainties inherent
in the clinical drug development process, including the regulatory
approval process, the timing of our regulatory filings and other
matters that could affect the availability or commercial potential
of our biosimilar drug candidates, as well as possible patent
litigation. Coherus undertakes no obligation to update or revise
any forward-looking statements. For a further description of
the risks and uncertainties that could cause actual results to
differ from those expressed in these forward-looking statements, as
well as risks relating to Coherus’ business in general, see
Coherus’ Annual Report on Form 10-K for the period ended December
31, 2016, filed with the Securities and Exchange Commission on
March 14, 2017, its Quarterly Report on Form 10-Q for the period
ended June 30, 2017, filed with the Securities and Exchange
Commission on August 7, 2017 and its future periodic reports to be
filed with the Securities and Exchange Commission.
Contact:
Patrick O’Brien
Senior Vice President, Investor Relations
Coherus BioSciences, Inc.
pobrien@coherus.com
+1 (650) 649-3527
Coherus BioSciences (NASDAQ:CHRS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Coherus BioSciences (NASDAQ:CHRS)
Historical Stock Chart
From Sep 2023 to Sep 2024