Delmaine Donson
Coherus BioSciences (NASDAQ:CHRS) stock fell ~8% on Monday after the company said it signed an agreement with Klinge Biopharma for the exclusive commercialization rights in the U.S. for FYB203, a biosimilar to Regeneron Pharmaceuticals (REGN) and Bayer's (OTCPK:BAYZF) (OTCPK:BAYRY) drug Eylea (aflibercept).
The parties expect to complete the transaction in Q1 2023, and Coherus plans to file a biologics license application with the U.S. Food and Drug Administration later this year.
Coherus plans to launch the product at Eylea biosimilar market formation, currently expected to be in 2025, if approved.
Under the binding term sheet, Coherus will pay ~€30M upfront, comprised of cash and common stock, 30 days after the execution of the definitive agreements.
Coherus will also make other regulatory and launch milestone payments and share profits nearly equally in consideration for the commercialization rights to FYB203 in the U.S., the company added.
"The addition of an Eylea biosimilar will be highly synergistic with our retina portfolio, leveraging our existing dedicated retina sales team and patient services hub to enable successful access and reimbursement," said Coherus Chief Commercial Officer Paul Reider.