04.15.15
Coherus BioSciences, Inc. and Baxter International Inc. have amended certain financial terms of their collaboration from August 2013 for the development and commercialization of CHS-0214, an etanercept biosimilar product candidate, for Europe, Canada, Brazil, and certain other markets.
Under the amended agreement, certain existing milestones and funding obligations have been revised, and the collaboration has been expanded to include select pre-commercialization activities. In total, the revised milestone payments may exceed the previous Baxter funding obligations by approximately $12 million. Additionally, Baxter has agreed to purchase Coherus common stock in a private placement transaction.
"We are pleased that Baxter, a premier healthcare company, has reinforced its commitment to our collaboration," said Denny Lanfear, president and chief executive officer of Coherus. "This amendment further aligns our shared interest in bringing high quality biosimilar therapeutics to patients around the world."
"With this amended agreement, we will continue to advance development of the etanercept biosimilar program and begin preparations for eventual commercialization in Europe," said Dagmar Rosa-Bjorkeson, global head of biosimilars for Baxter BioScience.
Under the amended agreement, certain existing milestones and funding obligations have been revised, and the collaboration has been expanded to include select pre-commercialization activities. In total, the revised milestone payments may exceed the previous Baxter funding obligations by approximately $12 million. Additionally, Baxter has agreed to purchase Coherus common stock in a private placement transaction.
"We are pleased that Baxter, a premier healthcare company, has reinforced its commitment to our collaboration," said Denny Lanfear, president and chief executive officer of Coherus. "This amendment further aligns our shared interest in bringing high quality biosimilar therapeutics to patients around the world."
"With this amended agreement, we will continue to advance development of the etanercept biosimilar program and begin preparations for eventual commercialization in Europe," said Dagmar Rosa-Bjorkeson, global head of biosimilars for Baxter BioScience.