Coherus BioSciences Announces New Employment Inducement Grants

Rhea-AI Summary

Coherus BioSciences (CHRS) announced on June 19, 2020, the grant of stock options to employees as part of its 2016 Employment Commencement Incentive Plan. A total of 93,000 shares were granted to seven new non-officer employees, while an Executive Vice President received options for 125,000 shares, and a Vice President was granted options for 35,000 shares plus 10,000 restricted stock units. All options have a per share exercise price of $16.98, equal to the closing price on the grant date. Coherus is focused on biosimilars, including UDENYCA®, and has several late-stage and early-stage clinical products in development.

Positive

• Stock options granted to attract talented employees, which may enhance company performance.
• Building a strong team with proven industry expertise could advance product development and market position.

Negative

• None.

REDWOOD CITY, Calif., June 19, 2020 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (“Coherus” or the “Company”, Nasdaq: CHRS), today announced that effective June 18, 2020, the compensation committee of the Company’s board of directors granted options to purchase an aggregate of 93,000 shares of the common stock of the Company to seven newly hired non-officer employees, with a per share exercise price of $16.98, the closing trading price on the grant date.

An Executive Vice President was granted an option to purchase 125,000 shares of the Company’s common stock, with a per share exercise price of $16.98, the closing trading price on the grant date.

A Vice President was granted an option to purchase 35,000 shares of the Company’s common stock, with a per share exercise price of $16.98, the closing trading price on the grant date, and 10,000 restricted stock units.

The stock options were granted pursuant to the Coherus BioSciences, Inc. 2016 Employment Commencement Incentive Plan, which was approved by the Company’s board of directors in June 2016 under Rule 5635(c)(4) of the Nasdaq Global Select Market for equity grants to induce new employees to enter into employment with the Company.

About Coherus BioSciences, Inc.

Coherus is a leading biosimilar company that develops and commercializes its own high-quality therapeutics as well as those of others seeking capable access to the United States market. Biosimilars are intended for use in place of existing, branded biologics to treat a range of chronic and often life-threatening diseases, with the potential to reduce costs and expand patient access. Composed of a team of proven industry veterans with world-class expertise in process science, analytical characterization, protein production, sales and marketing and clinical-regulatory development, Coherus is positioned as a leader in the global biosimilar marketplace. Coherus commercializes UDENYCA® (pegfilgrastim-cbqv) in the United States and has received regulatory approval for UDENYCA® in the European Union. Coherus is advancing late-stage clinical products CHS-1420, a Humira® (adalimumab) biosimilar, Bioeq’s Lucentis® (ranibizumab) biosimilar and Innovent’s Avastin® (bevacizumab) biosimilar towards commercialization, and early-stage clinical products, CHS-2020, an Eylea® (aflibercept) biosimilar, and CHS-131, a small molecule for nonalcoholic steatohepatitis (NASH) and multiple sclerosis. For additional information, please visit www.coherus.com.

Contact

David S. Arrington
Investor Relations & Corporate Affairs
Coherus BioSciences, Inc.
darrington@coherus.com
+1 (650) 395-0196

FAQ

What stock options were granted by Coherus BioSciences on June 19, 2020?

Coherus BioSciences granted options to purchase 93,000 shares to seven newly hired non-officer employees, and additional options to an Executive Vice President for 125,000 shares and a Vice President for 35,000 shares plus 10,000 restricted stock units.

What is the exercise price for the stock options granted by Coherus?

The exercise price for all granted stock options is $16.98, the closing trading price on the grant date, June 18, 2020.

What is Coherus BioSciences' focus in the biopharmaceutical industry?

Coherus BioSciences focuses on developing and commercializing biosimilars, including treatments for chronic diseases and reducing healthcare costs.

What is the significance of Coherus' 2016 Employment Commencement Incentive Plan?

The plan was created to attract and retain new employees through equity grants, enhancing the company's ability to build a strong workforce.

What products are currently in development by Coherus BioSciences?

Coherus is advancing late-stage clinical products such as CHS-1420 (Humira biosimilar) and early-stage products like CHS-2020 (Eylea biosimilar).