Coherus BioSciences Announces New Employment Inducement Grants

Rhea-AI Summary

On August 19, 2020, Coherus BioSciences (Nasdaq: CHRS) granted stock options amounting to 64,000 shares to seven newly hired non-officer employees. The exercise price for these options was set at $19.85, reflecting the closing price on the grant date. This action was part of the Company's 2016 Employment Commencement Incentive Plan, which aims to attract new talent. Coherus BioSciences focuses on developing and commercializing biosimilar therapeutics, including UDENYCA®, and is advancing several late-stage clinical products in the biosimilar market.

Positive

• Grant of 64,000 stock options to enhance employee incentives.
• Stock options priced at $19.85, aligning with market performance.
• Coherus is advancing multiple biosimilar products towards commercialization.

Negative

• None.

REDWOOD CITY, Calif., Aug. 21, 2020 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (“Coherus” or the “Company”, Nasdaq: CHRS), today announced that effective August 19, 2020, the compensation committee of the Company’s board of directors granted options to purchase an aggregate of 64,000 shares of the common stock of the Company to seven newly hired non-officer employees, with a per share exercise price of $19.85, the closing trading price on the grant date.

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 biologics company that develops and commercializes its own high-quality biosimilar therapeutics as well as those of others seeking capable access to the United States market. Composed of a team of proven industry veterans with world-class expertise in product development and commercialization, Coherus is positioned as a leader in the global biosimilar marketplace. Headquartered in the United States, Coherus is committed to reducing healthcare system costs and expanding patient access of essential therapeutics.

Coherus has commercialized UDENYCA^® (pegfilgrastim-cbqv) in the United States and 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. The Company is also advancing early-stage clinical products including, CHS-2020, an Eylea^® (aflibercept) biosimilar. 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 August 19, 2020?

Coherus BioSciences granted options to purchase an aggregate of 64,000 shares at an exercise price of $19.85 on August 19, 2020.

What is the purpose of the stock options granted by Coherus?

The stock options were granted to incentivize seven newly hired non-officer employees as part of the 2016 Employment Commencement Incentive Plan.

What are the key products Coherus is advancing?

Coherus is advancing CHS-1420 (Humira biosimilar), Bioeq's Lucentis biosimilar, and Innovent's Avastin biosimilar, among others.

Under which plan were the stock options granted by Coherus?

The stock options were granted under the Coherus BioSciences 2016 Employment Commencement Incentive Plan.

Is Coherus focused on biosimilars?

Yes, Coherus is a leading biologics company developing and commercializing biosimilar therapeutics.