Sandoz (OTC:SDZNY) has signed an agreement to acquire the US biosimilar ranibizumab CIMERLI from Coherus BioSciences (NASDAQ:CHRS) for an upfront cash purchase payment of $170 million, along with an additional amount for CIMERLI product inventory.
The development will bolster Sandoz’s existing ophthalmology franchise and support future product launches.
The deal encompasses Coherus’ CIMERLI biologics license application, ophthalmology sales and select field reimbursement teams, currently available CIMERLI product inventory, and proprietary commercial software.
The company also noted that CIMERLI is interchangeable with LUCENTIS for all approved indications.
The deal is set to close in the first half of 2024, pending standard conditions and approvals.
“The addition of CIMERLI reinforces our commitment to biosimilars and represents a huge step towards our goal of pioneering patient access to more affordable and much-needed medicines in the US, said Keren Haruvi, President of Sandoz North America.
“This divestiture will allow us to reduce our headcount and overhead costs, enhancing our sustainable and growing oncology business,” said Denny Lanfear, Chairman and CEO of Coherus.