CHRS - Coherus Completes Divestiture of Ophthalmology Franchise | Benzinga
– Upfront cash payment of $170 million strengthens capital structure –
– Transaction solidifies Coherus' strategic focus in oncology –
REDWOOD CITY, Calif., March 04, 2024 (GLOBE NEWSWIRE) -- 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.
Advisors
J.P. Morgan Securities LLC acted as the Company's financial advisor, and Latham & Watkins LLP ...