Coherus gains after selling eye drug to Sandoz for $170 mln

Coherus Oncology

22/01/2024 10:06

** Shares of drugmaker Coherus BioSciences  CHRS.O  rise
18.4% to $2.89 premarket
    ** Co enters into agreement with Sandoz  SDZ.S  to divest
its biosimilar eye drug, Cimerli, for $170 mln 
    ** Cimerli, used to treat vision impairment and loss, is
interchangeable with Lucentis, marketed by Roche's  ROG.S 
Genentech in the U.S. and by Novartis  NOVN.S  in the rest of
the world, for all approved indications
    ** The Cimerli deal includes the biologics license
application, product inventory, ophthalmology sales and field
reimbursement staff, as well as access to proprietary commercial
software - SDZ
    ** The deal is expected to close in the H1'24
    ** To date, CHRS stock down 22.3% this year, as of last
close 

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))