Eoneren
Coherus BioSciences (NASDAQ:CHRS) announced on Thursday that it would receive $40M in cash upfront as part of an agreement to divest its biosimilar therapy Yusimry targeted at AbbVie’s (ABBV) blockbuster arthritis therapy Humira.
The deal with Chinese drugmaker Hong Kong King-Friend Industrial Co. Ltd. closed on June 26, 2024, the Redwood City, California-based biotech said.
Under the agreement, Meitheal Pharmaceuticals, a unit of Hong Kong King-Friend, will take over the U.S. marketing of Yusimry, also known as adalimumab-aqvh.
“The proceeds from the sale of Yusimry will bolster our cash position, advance our efforts to become a sustainable and growing oncology company, and efficiently allocate our resources for maximum value creation,” said Coherus (CHRS) CEO Denny Lanfear.
One of the first biotechs to launch Humira copycats, Coherus (CHRS) partnered with Mark Cuban Cost Plus Drug Company last year to introduce Yusimry. Its divestment comes as Humira biosimilars, offered at a sharp discount to the branded version, struggle to challenge Humira’s market dominance.
In April, German drugmaker Boehringer Ingelheim decided to reduce its U.S. staff after its biosimilar versions lagged expectations.