Coherus agrees to acquire exclusive U.S. commercial rights to FYB203

Coherus BioSciences announced that it has executed a binding term sheet with Klinge Biopharma for the exclusive commercialization rights to FYB203, a biosimilar candidate to Eylea, in the United States. The parties expect to complete the transaction in Q1 2023, and Coherus plans to file a Biologics License Application with the U.S. Food and Drug Administration later this year. Coherus intends to launch the product at Eylea biosimilar market formation, currently expected to be in 2025, if approved. "This additional ophthalmology product will allow us to broadly target the entire $7 billion class of anti-VEGF products, substantially increasing our market opportunity to support mid-to-long term growth and revenue potential," said Coherus’ CEO, Denny Lanfear. "This agreement extends the Company’s commitment to expand choice and improve access for physicians and patients seeking high-quality, cost-effective alternatives in anti-VEGF therapies throughout the continuum of care." Under the binding term sheet, Coherus will make a total upfront payment of approximately EUR 30M, comprised of cash and Coherus common stock, thirty days after the execution of the definitive agreements. Coherus will also make other regulatory and launch milestone payments and share profits approximately equally in consideration for the commercialization rights to FYB203 in the United States.