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Coherus completes divestiture of ophthalmology franchise
The company has divested its Coherus Ophthalmology subsidiary to Sandoz, Inc. for upfront all-cash consideration of $170 million.
(Image Credit: AdobeStock/chayantorn)
Coherus BioSciences Inc 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.
According to a news release, included in the divesture is Coherus’ CIMERLI biologics license application, ophthalmology sales and select field reimbursement teams, and access to proprietary commercial software.1
Denny Lanfear, chairman and CEO of Coherus, noted in the company’s news release the divesture allows the company to focus its business on advancing its novel immuno-oncology pipeline.
“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,” he said in the release.
The company noted in the news release its oncology assets include the UDENYCA (pegfilgrastim-cbqv) franchise, with three FDA-approved presentations; LOQTORZI (toripalimab-tpzi), an FDA-approved, next-generation PD-1 inhibitor. The company also has a diversified immuno-oncology pipeline with drug candidates with distinctive targets designed to inhibit immune suppressive mechanisms in the tumor microenvironment.1
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.
J.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.1
Reference:
Inc CB. Coherus Completes Divestiture of Ophthalmology Franchise. GlobeNewswire News Room. Published March 4, 2024. Accessed March 5, 2024. https://www.globenewswire.com/news-release/2024/03/04/2839218/0/en/Coherus-Completes-Divestiture-of-Ophthalmology-Franchise.html
