Surface Oncology up on Coherus buyout deal

Surface Oncology

16/06/2023 13:31

** Surface Oncology Inc's shares  SURF.O  rise 37.8% to
$1.01 - amongst biggest gainers across U.S. stock exchanges
premarket
    ** Drug developer said Coherus BioSciences Inc  CHRS.O  will
acquire the company to add two experimental immunotherapies to
CHRS portfolio
    ** The stock-for-stock deal is valued up to $65 mln - SURF
     ** The acquisition is approved by both the companies board
and  expected to close in Q3
    ** SURF says it is also reducing its workforce by half 
    ** Shares of CHRS down 3.7% to $5.19 premarket
    ** Up to Thursday's close, SURF's stock had fallen ~10% YTD

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))