Coherus Completes $50m Share Offer To Novel Partner Junshi Biosciences
Follows Immuno-Oncology Collaboration Agreement In February
Coherus BioSciences has sold a little under 2.5 million shares to partner Junshi Biosciences, giving the firm additional capital following a large debt financing last year.
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Coherus BioSciences is aiming to translate the success of its comprehensive biosimilar pegfilgrastim strategy to adalimumab, with plans to capture at least 10% of the US market upon formation in 2023. Management summarized the firm’s expectations during the company’s fourth-quarter earnings call, which revealed a downturn in pegfilgrastim sales and profitability.
Coherus BioSciences plans to dip into the financing market once again in order to fuel its operations, which include several biosimilar candidates in late-stage clinical development. However, at the same time, the firm has acknowledged the damage the accelerating COVID-19 crisis could have on operations, if only for a short while.
Teva said it was once again at the mercy of the COVID-19 pandemic as it forecasted an extended if not indefinite wait for both criminal and civil proceedings over alleged generic drug price fixing in the US to move to trial.