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Coherus sells shares to raise funds for biosimilars programme

Biosimilars/News | Posted 07/11/2014 0 Post your comment

US-based biosimilars developer Coherus BioSciences (Coherus) is looking for further funding for its biosimilar programme. The company is preparing to sell shares in the company in order to raise funds to get three of the biosimilars in its pipeline through clinical trials.

The three biologicals Coherus has in its sights are Amgen’s arthritis treatment Enbrel (etanercept), AbbVie’s arthritis treatment Humira (adalimumab) and Amgen’s cancer drug Neulasta (pegfilgrastim). Coherus estimates that by 2017 the market for these three biologicals will be worth almost US$30 billion, making them lucrative targets for any biosimilars developer.

The company’s biosimilar etanercept (CHS-0214) is leading the pipeline. Coherus has phase III trials ongoing for CHS-0214 in June 2014 to study the efficacy and safety of the biosimilar compared to Enbrel in patients with rheumatoid arthritis and with chronic plaque psoriasis [1]. Coherus itself will retain the rights to biosimilar etanercept in the US, but the company has made an agreement with Daiichi Sankyo to develop and commercialize biosimilars of etanercept and rituximab in certain Asian countries including Japan [2]. It has also made an agreement with Baxter International to develop and commercialize an etanercept biosimilar for Brazil, Canada, Europe, and certain other markets [3]. The company expects to file for approval of its biosimilar in Europe in 2016.

Coherus has also already completed phase I trials for its biosimilar adalimumab (CHS-1420) and biosimilar pegfilgrastim (CHS-1701) candidates. The company is planning to start phase III trials for the biosimilars in 2015 and to file for US approval in 2016.

Since Coherus was formed in 2010, the fledgling biotech company has raised over US$220 million from equity, licensing fees, and milestone payments [4].

References
1.   GaBI Online - Generics and Biosimilars Initiative. Coherus starts phase III biosimilar etanercept trial [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2014 Nov 7]. Available from: www.gabionline.net/Biosimilars/News/Coherus-starts-phase-III-biosimilar-etanercept-trial
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 Nov 7]. 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 Nov 7]. Available from: www.gabionline.net/Biosimilars/News/Daiichi-Sankyo-and-Coherus-BioSciences-make-biosimilars-deal
4.   GaBI Online - Generics and Biosimilars Initiative. Biosimilars developer Coherus raises US$55 million investment [www.gabionline.net]. Mol, Belgium: Pro Pharma Communications International; [cited 2014 Nov 7]. Available from: www.gabionline.net/Biosimilars/News/Biosimilars-developer-Coherus-raises-US-55-million-investment

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Source: SEC