Coherus cuts staff after ophthalmology sale, oncology refocus
15 Mar 2024
AcquisitionImmunotherapy
Coherus BioSciences disclosed after the bell Wednesday that it plans to lay off about 30% of its workforce following the sale of its ophthalmology franchise to Sandoz earlier this year. The company’s shares were down about 6% Thursday on the news, which was disclosed in its quarterly earnings report.
The biotech said the move, which is projected to provide more than $25 million in savings, will help it pay down debt and narrow its pipeline focus on cancer.
The cuts will affect about 35 employees associated with the divested franchise. In January, Sandoz agreed to pay $170 million in an upfront, all-cash deal for Cimerli, an interchangeable biosimilar of Lucentis (ranibizumab) for all its approved indications, including certain patients with age-related macular degeneration, diabetic retinopathy, and macular edema. The sale is expected to close this half.
Following the divestiture, Coherus’ pipeline will include two clinical immunotherapies for solid tumours, and one preclinical cancer programme.
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