On November 6, Coherus Biosciences released information that sent its shares soaring over 17% higher by midday on the 7th. The company announced its third-quarter earnings, which boasted greater marketshare for its lead product as well as a broadened late-stage pipeline.
The company announced that its marketshare for its lead biosimilar product Udenyca® had reached 19% as of end of the third quarter. The company is hoping to crack 20% by the end of 2019. Coherus President Denny Lanfear mentioned on an earnings call that Udenyca share was gained at the expense of both Neulasta® prefilled syringe and On-Body Injector® prescriptions.
In other Coherus news, it disclosed a transaction that provides the company with exclusive rights to an investigational biosimilar version of ranizumab (reference product Lucentis®) from Bioeq. According to Coherus, it has secured exclusive rights to the product’s intellectual property. The big news is that Coherus intends to submit the 351(k) application for this agent before the end of 2019, with a potential launch in 2021. The product purchase likely means the discontinuation of Coherus’ own ranizumab biosimilar (CHS-3351), which was in preclinical development at the time of the acquisition. According to Mr. Lanfear, “This license pulls forward our previously anticipated Lucentis biosimilar launch in the US by about two years.”
Bioeq will earn an immediate payment from Coherus, and then milestone payments as commercialization advances. Under the agreement, Bioeq and Coherus will both receive a share of the profits postlaunch.