COHERUS BIOSCIENCES, INC. (NASDAQ:CHRS) Files An 8-K Termination of a Material Definitive AgreementItem 1.02. Termination of a Material Definitive Agreement.
On August9, 2017, Coherus BioSciences, Inc. (the “Company”) and Daiichi Sankyo Company, Limited (“Daiichi Sankyo”) entered into a letter agreement, dated July29, 2017 (the “Termination Letter”) indicating that the parties have agreed to terminate the License Agreement by and between the Company and Daiichi Sankyo, dated January23, 2012, (the “Agreement”), including without limitation, any and all memorandums of understanding and other agreements executed between the parties relating to the Company’s etanercept (Enbrel) biosimilar product candidate CHS-0214 (“CHS-0214”), to Section12.3 of the Agreement. In the Termination Letter, the parties indicated that they are terminating the Agreement due to Daiichi Sankyo’s recent decision to discontinue development of CHS-0214 in Japan. The Company will not incur any early termination penalties as a result of the termination of the Agreement. As of July31, 2017, Daiichi Sankyo beneficially owned 2,867,426 shares (approximately 5.58%) of the Company’s common stock.
A summary of the material terms of the Agreement was included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March14, 2017, as qualified by reference to the original Agreement (a copy of which was filed as Exhibit 10.1 to the Company’s Registration Statement on Form S-1/A filed on October20, 2014 and incorporated herein by reference).
About COHERUS BIOSCIENCES, INC. (NASDAQ:CHRS)
Coherus BioSciences, Inc. is a late-stage clinical biologics platform company. The Company is focused on the global biosimilar market. The Company operates through developing and commercializing biosimilar products segment. Its business is organized around therapeutic franchises, including Oncology biosimilar candidates pegfilgrastim (Neulasta), in late clinical-stage, and bevacizumab (Avastin), in preclinical-stage; Immunology (Anti-TNF) biosimilar candidates, etanercept (Enbrel) and adalimumab (Humira), which are both in late clinical-stage; Ophthalmology biosimilar candidate ranibizumab (Lucentis) in preclinical stage, and Multiple sclerosis small molecule therapeutic candidate, CHS-131 (formerly INT-131), in Phase II proof-of-concept trial. Its long-acting granulocyte colony-stimulating factor (G-CSF) product candidate, CHS-1701, is a pegfilgrastim (Neulasta) biosimilar. Its clinical-stage pipeline consists of two anti-Tumor Necrosis Factors (anti-TNFs).