Biosimilars developer Coherus raises US$55 million investment

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Biosimilars developer Coherus raises US$55 million investment

Biosimilars/News | Posted 06/06/2014 0 Post your comment

US-based biosimilars developer Coherus BioSciences (Coherus) announced on 19 May 2014 that it had raised investments of US$55 million. New investors KKR & Co LP, Venrock, RA Capital Management, Rock Springs Capital and Fidelity Biosciences joined existing investors Sofinnova Ventures, Lilly Ventures and Vivo Capital.

In October 2013, Coherus announced that its etanercept biosimilar, CHS-0214, had met the primary endpoint of clinical pharmacokinetic similarity to the originator biological Enbrel (etanercept) in a confirmatory clinical study in healthy subjects [1].

The investment will allow Coherus to proceed with its development plans, optimize the company’s partnering strategies and ‘deliver essential therapeutics to patients faster’, according to Denny Lanfear, President and CEO of Coherus. Mr Lanfear added that ‘since its founding four years ago, Coherus has made excellent progress on its goals of moving biosimilar biologic[al]s into phase III trials and onto the market’.

Coherus made an agreement with Daiichi Sankyo in May 2012 to develop and commercialize biosimilars of etanercept and rituximab in certain Asian countries including Japan [2]. Then in September 2013, Coherus made an exclusive collaboration agreement with Baxter International to develop and commercialize an etanercept biosimilar for Brazil, Canada, Europe and certain other markets [3].

Since Coherus was formed in 2010, the fledgling biotech company has raised over US$220 million from equity, licensing fees and milestones.

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Biosimilars developments during 2013

References

1. GaBI Online - Generics and Biosimilars Initiative. Etanercept biosimilar has comparable pharmacokinetics to Enbrel [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2014 Jin 6]. Available from: www.gabionline.net/Biosimilars/Research/Etanercept-biosimilar-has-comparable-pharmacokinetics-to-Enbrel

2. GaBI Online - Generics and Biosimilars Initiative. Daiichi Sankyo and Coherus Biosciences make biosimilars deal [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2014 Jun 6]. Available from: www.gabionline.net/Biosimilars/News/Daiichi-Sankyo-and-Coherus-BioSciences-make-biosimilars-deal

3. GaBI Online - Generics and Biosimilars Initiative. Baxter and Coherus to collaborate on biosimilars [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2014 Jun 6]. Available from: www.gabionline.net/Biosimilars/News/Baxter-and-Coherus-to-collaborate-on-biosimilars

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Source: Coherus