Coherus Completes Divestiture of Ophthalmology Franchise
March 04 2024 - 1:00AM
Coherus BioSciences, Inc. (NASDAQ: CHRS) today announced the
completion of the previously announced divestiture of its CIMERLI®
(ranibizumab-eqrn) ophthalmology franchise through the sale of its
subsidiary, Coherus Ophthalmology LLC, to Sandoz, Inc. for upfront
all-cash consideration of $170 million. This divestiture included
Coherus’ CIMERLI biologics license application, ophthalmology sales
and select field reimbursement teams, and access to proprietary
commercial software.
“This transaction sharpens the focus of our business as we
advance our novel immuno-oncology pipeline and continue the launch
of LOQTORZI™ in nasopharyngeal carcinoma and UDENYCA® ONBODY™,”
said Denny Lanfear, Chairman and Chief Executive Officer of
Coherus. “Completion of this transaction allows us to pay down
debt, reduce interest costs, reduce headcount and overhead costs,
thereby significantly advancing our efforts to become a sustainable
and growing oncology business.”
Coherus’ oncology assets include the UDENYCA®
(pegfilgrastim-cbqv) franchise, with three FDA-approved
presentations; LOQTORZI™ (toripalimab-tpzi), an FDA-approved,
next-generation PD-1 inhibitor; and a diversified immuno-oncology
pipeline with drug candidates with distinctive targets designed to
inhibit immune suppressive mechanisms in the tumor
microenvironment.
Coherus received upfront, all-cash consideration of $170 million
plus certain purchase price adjustments, which will be finalized
following the closing pursuant to the agreement between Coherus and
Sandoz.
AdvisorsJ.P. Morgan Securities LLC acted as the
Company’s financial advisor, and Latham & Watkins LLP acted as
legal counsel to Coherus in connection with the
transaction.About Coherus BioSciencesCoherus
is a commercial-stage biopharmaceutical company focused on the
research, development and commercialization of innovative
immunotherapies to treat cancer. Coherus is developing an
innovative immuno-oncology pipeline of tumor microenvironment
agents with the potential to achieve a step change in patient
survival and benefit.
Coherus’ immuno-oncology pipeline includes multiple antibody
immunotherapy candidates focused on enhancing the innate and
adaptive immune responses to enable a robust immunologic response
and enhance outcomes for patients with cancer. Casdozokitug is a
novel anti-IL-27 antibody currently being evaluated in two ongoing
clinical studies: a Phase 1/2 study in advanced solid tumors and a
Phase 2 study in hepatocellular carcinoma. CHS-114 is a highly
selective, competitively positioned, ADCC-enhanced anti-CCR8
antibody currently in a Phase 1/2 study as a monotherapy in
patients with advanced solid tumors. CHS-1000 is a preclinical
candidate targeting immune-suppressive mechanisms via the novel
pathway ILT4 with an IND filing planned in the first half of
2024.
Coherus markets LOQTORZI™ (toripalimab-tpzi), a novel next
generation PD-1 inhibitor, UDENYCA® (pegfilgrastim-cbqv), a
biosimilar of Neulasta®, and YUSIMRY™ (adalimumab-aqvh), a
biosimilar of Humira®.
Forward-Looking Statements Except for the
historical information contained herein, the matters set forth in
this press release are forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995 including, but not limited to,
statements regarding how Coherus will use the proceeds from the
divestiture; whether this divestiture will allow Coherus to reduce
headcount and overhead costs; whether Coherus’ oncology business
will continue to grow; impact of the I-O pipeline on patient
survival and the timing for the IND filing for CHS-1000. Such
forward-looking statements involve substantial risks and
uncertainties that could cause Coherus’ actual results, performance
or achievements to differ significantly from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such risks and uncertainties include,
among others, risks and uncertainties inherent in the clinical drug
development process; risks related to our existing and potential
collaboration partners; risks of the drug development position of
Coherus’ competitors; the risks and uncertainties of the regulatory
approval process, including the speed of regulatory review and the
timing of Coherus’ regulatory filings; the risk of FDA review
issues; the risk that Coherus is unable to complete commercial
transactions and other matters that could affect the availability
or commercial potential of Coherus’ drug candidates; the risk that
Coherus is unable to close the divestiture at all or without
incurring substantial costs and other resources; and the risks and
uncertainties of possible litigation. All forward-looking
statements contained in this press release speak only as of the
date of this press release. Coherus undertakes no obligation to
update or revise any forward-looking statements. For a further
description of the significant 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’ Quarterly Report on Form 10-Q for
the quarter ended September 30, 2023, filed with
the Securities and Exchange Commission on November
6, 2023, including the section therein captioned “Risk Factors” and
in other documents that Coherus files with the Securities and
Exchange Commission.
Coherus Contact InformationInvestors:Jami
Taylor, Head of Investor Relations
for CoherusIR@coherus.com
Media:Jodi Sievers, VP Corporate
Communicationsmedia@coherus.com
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