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Monday, January 13, 2020

Coherus acquires U.S. rights to Avastin biosimilar

Coherus BioSciences (CHRS -2%) inks an agreement Chinese biotech Innovent Biologics for U.S. and Canadian commercialization rights to the latter’s biosimilar to Roche’s (OTCQX:RHHBY +0.2%) cancer med Avastin (bevacizumab).
It plans to file a U.S. marketing application in Q4 or Q1 2021.
Under the terms of the agreement, Coherus will pay Innovent up to $45M in upfront and milestone fees and double-digit royalties on net sales.
It also has the option to acquire U.S. and Canadian commercialization rights to Innovent’s Rituxan biosimilar. If it exercises the option, the financial terms will be the same as the Avastin deal.

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