Baird analyst Colleen Kusy downgraded Surface Oncology (SURF) to Neutral from Outperform after it was announced that Coherus Biosciences (CHRS) will acquire Surface Oncology in a stock transaction valued at about $65M, or about $45M enterprise value. In light of the early-stage for both of Surface’s two lead assets, SRF388 and SRF114, and the current capital markets, the firm expects this deal to go through.
Published first on TheFly
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