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Coherus BioSciences, Inc. (NASDAQ: CHRS) is a leading commercial-stage biopharmaceutical company dedicated to improving patient access to high-quality, life-changing biologic medicines. Established in 2010 and headquartered in the San Francisco Bay Area, Coherus specializes in developing biosimilars and innovative immuno-oncology therapies to treat various chronic and life-threatening diseases.
Coherus' core business revolves around providing biosimilar therapeutics that are designed to replace existing branded biologics, thereby reducing healthcare costs. The company's biosimilar portfolio includes FDA-approved products like UDENYCA® (a biosimilar to Neulasta®) and YUSIMRY® (a biosimilar to Humira®), which is set to launch in the US in 2023. These products help manage conditions such as cancer and autoimmune diseases, expanding patient access to essential treatments.
Recently, Coherus completed the divestiture of its ophthalmology franchise, CIMERLI®, to Sandoz, Inc. for $170 million. This move allows Coherus to focus more intently on its immuno-oncology pipeline, which includes the promotion of LOQTORZI™ (toripalimab-tpzi), a next-generation PD-1 inhibitor approved for nasopharyngeal carcinoma. The company's strategy includes advancing its novel immuno-oncology candidates like CHS-114 and CHS-1000, which are in various stages of clinical development targeting solid tumors.
Financially, Coherus is leveraging the revenue from its biosimilar products to fund its immuno-oncology research and development. The company collaborates with global pharmaceutical partners across Europe, Asia, and Latin America, enhancing its market presence and resource capabilities.
Key updates include the successful preclinical data presentation for CHS-1000 at the 2024 AACR Annual Meeting, showcasing its potential to reverse immunosuppression in the tumor microenvironment. Moreover, the Cancer Research Institute (CRI) has selected LOQTORZI for combination studies to explore its efficacy in drug-resistant cancers, further solidifying Coherus' commitment to pioneering cancer therapy advancements.
Led by a team of seasoned industry veterans, Coherus BioSciences aims to become a global leader in the biosimilar and immuno-oncology markets, continually striving to develop therapies that improve patient outcomes and broaden access to high-quality medical treatments.
Coherus BioSciences, Inc. (Nasdaq: CHRS) granted options to purchase 66,000 shares of common stock to five newly hired non-officer employees, effective December 17, 2020. The exercise price is set at $17.78 per share, reflecting the closing price on the grant date. This action was executed under the 2016 Employment Commencement Incentive Plan approved by the company's board. Coherus specializes in developing biosimilars, including UDENYCA® and several other product candidates targeting chronic diseases, aiming to enhance patient access and reduce healthcare costs.
Coherus BioSciences, Inc. (CHRS) announced the grant of stock options for 140,500 shares to 10 newly hired non-officer employees on November 19, 2020. The options have an exercise price of $17.92, matching the closing stock price on the grant date. This issuance is part of the 2016 Employment Commencement Incentive Plan aimed at attracting new talent. Coherus is known for its biosimilars, including UDENYCA® (pegfilgrastim-cbqv) and several candidates in development targeting chronic and life-threatening diseases.
Coherus BioSciences reported a robust third quarter for 2020, with net sales of $113.6 million and net income of $27.9 million or $0.33 per diluted share. Non-GAAP net income stood at $39.7 million, representing $0.47 per diluted share. The company experienced a gross profit margin of 92%. While R&D expenses rose significantly due to preparations for biosimilar filings, cash and cash equivalents increased to $503.4 million. Coherus maintains its guidance for R&D and SG&A expenses at the low end of $285 million to $310 million for 2020.
Coherus BioSciences, Inc. (Nasdaq: CHRS) will release its third quarter 2020 financial results on November 5, 2020, after market close. A conference call will follow at 4:30 p.m. EST to discuss the results and provide business updates. Investors can access the financial results on Coherus' website after the announcement. The company focuses on developing and commercializing biosimilars, including its product UDENYCA® and additional candidates like CHS-1420 and CHS-2020, targeting various chronic diseases.
Coherus BioSciences, Inc. (Nasdaq: CHRS) announced on October 16, 2020, that its compensation committee granted stock options and restricted stock units to newly hired executives. The newly appointed Executive Vice President received an option for 150,000 shares, while a Senior Vice President received options for 100,000 shares. Two Vice Presidents were granted options for 45,000 shares each. Additionally, seven non-officer employees were granted a total of 92,000 shares. All options have an exercise price of $18.09, the closing price on the grant date. Coherus specializes in biosimilar therapeutics.
Coherus BioSciences announced on September 18, 2020, that it granted stock options to new employees, totaling 118,000 shares for non-officer staff and 45,000 shares for a Vice President. The exercise price is set at $19.07, the closing price on the grant date, September 17, 2020. This action is part of the 2016 Employment Commencement Incentive Plan to attract new talent. Coherus specializes in biosimilar therapeutics and has commercialized UDENYCA (pegfilgrastim-cbqv), while advancing several late-stage biosimilar candidates.
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.
Coherus BioSciences reported strong second-quarter 2020 results with net sales of $135.7 million and net income of $59.0 million, or $0.70 per diluted share. Non-GAAP net income was $68.3 million, representing $0.81 per diluted share. The company boosted cash reserves to $456.5 million, largely from operating cash flow and proceeds from convertible debt. R&D expenses increased to $26.2 million amid preparations for biosimilar applications. Full-year guidance for combined R&D and SG&A expenses is maintained at $285-$310 million.
Coherus BioSciences (CHRS) has appointed Kimberly Tzoumakas, J.D. to its Board of Directors, effective July 30, 2020. Tzoumakas, previously CEO of 21st Century Oncology, brings over 20 years of healthcare leadership experience. Her appointment comes as Coherus aims to commercialize six biosimilars by 2025. Tzoumakas expressed enthusiasm about the opportunities for biosimilars to enhance value for various stakeholders in the healthcare system.
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.
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