Coherus Prices Upsized Public Offering of $120.0 Million of Common Stock
01 April 2015 - 12:50PM
Coherus BioSciences, Inc. (Nasdaq:CHRS), a leading pure-play,
global biosimilars company with late-stage clinical products, today
announced the pricing of its underwritten public offering of
4,137,931 shares of its common stock at a price to the public of
$29.00 per share. All of the shares of the common stock to be sold
in the offering will be offered by Coherus. In addition, Coherus
has granted the underwriters a 30-day option to purchase up to an
additional 620,689 shares of common stock at the public offering
price, less the underwriting discount.
Coherus intends to use the net proceeds of the offering to fund
the development of one or more biosimilar candidates currently in
the pre-clinical stage and the proof-of-concept Phase 2 trial of
INT-131, its small molecule drug candidate for the treatment of
multiple sclerosis, and any remaining proceeds for working capital
and general corporate purposes, including research and
development.
The offering is expected to close on or about April 7, 2015,
subject to satisfaction of customary closing conditions.
J.P. Morgan Securities LLC and Credit Suisse Securities (USA)
LLC are acting as joint book-running managers and Cowen and
Company, LLC is acting as lead manager for the offering.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission and became
effective on March 31, 2015. This offering is being made solely by
means of a prospectus. Copies of the prospectus related to the
offering may be obtained by contacting J.P. Morgan Securities LLC,
Attention: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, by telephone at (866) 803-9204, or by email at
prospectus-eq_fi@jpmchase.com; or Credit Suisse Securities (USA)
LLC, Attention: Prospectus Department, One Madison Avenue, New
York, NY 10010, by telephone at (800) 221-1037, or by email at
newyork.prospectus@credit-suisse.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Coherus
BioSciences, Inc.
Coherus is a leading pure-play, global biosimilar company with a
focus on developing products for the major regulated
markets. Composed of a team of industry veterans with decades
of experience in bringing biologics to market, our goal is to
become a worldwide leader in the biosimilar market by leveraging
our biologics platform in key areas such as process science,
analytical characterization, protein production and
clinical-regulatory development. Coherus possesses late stage
clinical products and commercialization partnerships with
multinational pharmaceutical companies in Europe and Asia.
Biosimilars are intended for use in place of existing, branded
biologics to treat a range of chronic and often life-threatening
diseases, with the potential to reduce costs and expand patient
access.
Forward Looking Statements
To the extent that statements contained in this press release
are not descriptions of historical facts regarding Coherus, they
are forward-looking statements reflecting the current beliefs and
expectations of management made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
including statements regarding completion, timing, size and use of
proceeds of the proposed public offering that involve risks and
uncertainties, including, without limitation, risks and
uncertainties related to market conditions and the satisfaction of
closing conditions related to the proposed public offering. Such
forward-looking statements involve substantial risks and
uncertainties that relate to future events and the actual results
could differ significantly from those expressed or implied by the
forward-looking statements. Coherus undertakes no obligation to
update or revise any forward-looking statements. For a further
description of the risks and uncertainties relating to the business
of the Company in general, see the Registration Statement on Form
S-1 filed by Coherus with the Securities and Exchange Commission on
March 23, 2015, as amended from time to time, its Annual Report on
Form 10-K filed with the Securities and Exchange Commission on
March 23, 2015, and its subsequent periodic reports filed with the
Securities and Exchange Commission.
CONTACT: Jean-Frederic Viret, Ph.D.
Chief Financial Officer
Coherus BioSciences, Inc.
1 (800) 794-5434
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