Coherus BioSciences Announces New Employment Inducement Grants

Rhea-AI Summary

On July 17, 2020, Coherus BioSciences (CHRS) announced the grant of stock options totaling 178,000 shares to new employees and an Executive Vice President, with an exercise price of $18.30. This action was taken under the 2016 Employment Commencement Incentive Plan, aimed at attracting talent to the company. Coherus is a prominent player in the biosimilar market, focusing on therapies for chronic diseases and reducing healthcare costs. The company commercializes UDENYCA® in the U.S. and is advancing several biosimilar products toward commercialization.

Positive

• Grant of 178,000 stock options may enhance employee retention and motivation.
• Focus on biosimilars positions Coherus in a growing market, potentially increasing revenue.

Negative

• None.

REDWOOD CITY, Calif., July 17, 2020 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (“Coherus” or the “Company”, Nasdaq: CHRS), today announced that effective July 16, 2020, the compensation committee of the Company’s board of directors granted options to purchase an aggregate of 53,000 shares of the common stock of the Company to four newly hired non-officer employees, with a per share exercise price of $18.30, the closing trading price on the grant date.

An Executive Vice President was also granted an option to purchase 125,000 shares of the Company’s common stock, with a per share exercise price of $18.30, 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 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 is the recent stock option grant by Coherus BioSciences (CHRS)?

Coherus BioSciences granted options to purchase 178,000 shares at $18.30 to new employees and an Executive VP on July 16, 2020.

What is Coherus BioSciences' stock symbol?

Coherus BioSciences is traded under the stock symbol CHRS.

What does Coherus BioSciences focus on?

Coherus BioSciences develops and commercializes biosimilars, aiming to reduce treatment costs for chronic diseases.

How does the stock option grant affect Coherus BioSciences?

The stock option grant may improve employee motivation and retention, which can be beneficial for the company's growth.