Coherus BioSciences Announces New Employment Inducement Grants

Rhea-AI Summary

Coherus BioSciences announced the grant of stock options to newly hired employees effective July 6, 2021. A total of 221,500 shares were allocated, with a per share exercise price set at $13.63, matching the closing price on the grant date. Notably, a newly appointed Vice President received options for 45,000 shares. This action is part of the Company's 2016 Employment Commencement Incentive Plan, aimed at incentivizing new talent to join the organization.

Positive

• Granting of stock options may enhance employee retention and motivation.
• The compensation committee's decision reflects the company's confidence in its growth and recruitment strategy.

Negative

• None.

REDWOOD CITY, Calif., July 12, 2021 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (“Coherus” or the “Company”, Nasdaq: CHRS), today announced that effective July 6, 2021, the compensation committee of the Company’s board of directors granted options to purchase an aggregate of 221,500 shares of the common stock of the Company to newly hired employees with a per share exercise price of $13.63, the closing trading price on the grant date. A newly hired Vice President was granted options for 45,000 shares; fourteen additional non-officer employees were granted options to purchase an aggregate of 176,500 shares.

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
Coherus is a commercial stage biopharmaceutical company with the mission to increase access to cost-effective medicines that can have a major impact on patients’ lives and to deliver significant savings to the health care system. For additional information, please visit www.coherus.com.

FAQ

What did Coherus BioSciences announce on July 12, 2021?

Coherus announced the grant of stock options for a total of 221,500 shares to newly hired employees.

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

The exercise price for the stock options was $13.63.

How many shares were granted to the Vice President at Coherus?

The Vice President was granted options for 45,000 shares.

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

The stock options were granted to induce new employees to join the company.