Coherus BioSciences Completes Pfizer Biosimilar Asset Acquisition
Ticker: CHRS · Form: 8-K · Filed: Mar 4, 2024 · CIK: 1512762
Sentiment: neutral
Topics: acquisition, biosimilars, asset-sale
TL;DR
Coherus just bought Pfizer's US biosimilar biz - big move!
AI Summary
On March 1, 2024, Coherus BioSciences, Inc. announced the completion of its acquisition of certain assets related to the U.S. commercialization of biosimilar products from Pfizer Inc. This transaction includes the transfer of rights and obligations for key biosimilar products, marking a significant expansion for Coherus in the biosimilars market.
Why It Matters
This acquisition significantly expands Coherus BioSciences' portfolio and market presence in the biosimilar sector, potentially impacting competition and patient access to affordable biologic medicines.
Risk Assessment
Risk Level: medium — The integration of new assets and potential market competition introduces moderate risks to Coherus BioSciences' financial performance and strategic execution.
Key Players & Entities
- Coherus BioSciences, Inc. (company) — Registrant
- Pfizer Inc. (company) — Seller of assets
- March 1, 2024 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- 27-3615821 (other) — IRS Employer Identification Number
FAQ
What specific biosimilar products were acquired from Pfizer?
The filing indicates the acquisition of "certain assets related to the U.S. commercialization of biosimilar products" but does not list the specific product names in the provided text.
What was the effective date of the asset acquisition?
The earliest event reported in the filing is dated March 1, 2024, which is the effective date of the acquisition.
What is the IRS Employer Identification Number for Coherus BioSciences, Inc.?
The IRS Employer Identification Number for Coherus BioSciences, Inc. is 27-3615821.
In which state was Coherus BioSciences, Inc. incorporated?
Coherus BioSciences, Inc. was incorporated in Delaware.
Does this filing detail the financial terms of the acquisition?
The provided text of the 8-K filing does not contain specific financial terms or dollar amounts for the acquisition.
Filing Stats: 1,413 words · 6 min read · ~5 pages · Grade level 12.8 · Accepted 2024-03-04 06:22:53
Key Financial Figures
- $0.0001 — ge on which registered Common Stock, $0.0001 par value per share CHRS The Nasdaq
- $170.0 million — for upfront, all-cash consideration of $170.0 million plus an additional $17.8 million for CI
- $17.8 million — on of $170.0 million plus an additional $17.8 million for CIMERLI product inventory and prepa
- $175.0 million — xisting Loan Agreement in the amount of $175.0 million upon consummation of the transactions c
- $250.0 million — on of the existing principal balance of $250.0 million of the loans outstanding under the Exis
- $6.8 million — payment premium and makewhole amount of $6.8 million to the Lenders on or before April 1, 20
Filing Documents
- chrs-20240301x8k.htm (8-K) — 50KB
- chrs-20240301xex99d1.htm (EX-99.1) — 17KB
- chrs-20240301xex99d2.htm (EX-99.2) — 570KB
- chrs-20240301xex99d1001.jpg (GRAPHIC) — 10KB
- 0001558370-24-002306.txt ( ) — 815KB
- chrs-20240301.xsd (EX-101.SCH) — 4KB
- chrs-20240301_def.xml (EX-101.DEF) — 3KB
- chrs-20240301_lab.xml (EX-101.LAB) — 16KB
- chrs-20240301_pre.xml (EX-101.PRE) — 10KB
- chrs-20240301x8k_htm.xml (XML) — 5KB
01 Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets The information included in the Introductory Note is incorporated herein by reference into this Item 2.01. The foregoing description of the Purchase Agreement and the Disposition does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Purchase Agreement, a copy of which was attached as Exhibit 2.1 of the Company's Current Report on Form 8-K filed with the SEC on January 22, 2024, the terms of which are incorporated herein by reference. Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. The information included in Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference into this Item 2.04. As described in Item 1.01 of the Company's Current Report on Form 8-K filed with the SEC on February 5, 2024, which is incorporated into this Item 2.04 by reference, on February 5, 2024, the Company, as borrower and on behalf of itself and certain of its subsidiaries, entered into a Consent, Partial Release and Third Amendment to Loan Agreement (the "Consent and Amendment") with Biopharma Credit PLC, a public limited company incorporated under the laws of England and Wales, as collateral agent (the "Collateral Agent"), BPCR Limited Partnership, a limited partnership established under the laws of England and Wales, as a lender ("BPCR"), and Biopharma Credit Investments V (MASTER) LP, a Cayman Islands exempted limited partnership acting by its general partner, BioPharma Credit Investments V GP LLC (as a lender, and together with as BPCR, each, a "Lender" and collectively, the "Lenders"), pursuant to which the Lenders and the Collateral Agent provided certain consents, and released certain assets and subsidiaries of the Company from their obligations under the Existing Loan Agreement and the other loan documents in connection therewith, and the parties t
01 Other Events
Item 8.01 Other Events. On March 4, 2024, the Company issued a press release announcing the completion of the Disposition. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (b) Pro Forma Financial Information The information set forth in Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference. The unaudited pro forma condensed combined financial information and the related notes are filed as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference. They present the unaudited pro forma condensed combined balance sheet and the unaudited pro forma condensed combined statements of operations of the Company after giving pro forma effect to (i) the Disposition, and related transactions and (ii) the acquisition of Surface Oncology, Inc. ("Surface") (the "Merger" and together with the Disposition, the "Combined Transactions"). The unaudited pro forma condensed combined statements of operations for the nine months ended September 30, 2023 and for the year ended December 31, 2022 were prepared as though the Combined Transactions occurred on January 1, 2022. The unaudited pro forma condensed combined balance sheet as of September 30, 2023 was prepared as though the Disposition and related transactions occurred on September 30, 2023. (d) Exhibits. Exhibit No. Description 99.1 Press Release of Coherus BioSciences, Inc., dated March 4, 2024 99.2 Unaudited pro forma condensed combined financial information of Coherus BioSciences, Inc. as of and for the nine months ended September 30, 2023 and the year ended December 31, 2022. 104 Cover page Interactive Data file (embedded within the Inline XBRL document) * Certain portions of this document that constitute confidential information have been redacted in accordance with Regulation S-K, Item 601(b)(10).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 4, 2024 COHERUS BIOSCIENCES, INC. By: /s/ Dennis M. Lanfear Name: Dennis M. Lanfear Title: President and Chief Executive Officer