Biosimilars Platform

Convertible Notes$100 Million

Feb 2016

MarketerCoherus Biosciences

Coherus Biosciences (NASDAQ:CHRS) is a leading pure-play, global biosimilars company. Coherus has one biosimilar, Udenyca (pegfilgratim/neulasta) approved by both the FDA and the EMA, and is advancing two late-stage clinical products towards commercialization, CHS-0214 (etanercept/ Enbrel biosimilar) and CHS-1420 (adalimumab/ Humira biosimilar), which are currently in phase 3 or BLA-enabling trials.

Background

Coherus was seeking to raise a large amount of capital to enhance its cash position to complete the development of its lead biosimilar assets. As an alternative to a public market convertible debt offering, HCR was able to help the company limit potential dilution by pricing the private convertible note investment at a high conversion premium. In addition, the significant investment by long-term investors provided validity to the company’s long-term value proposition as the pure-play market leader in biosimilars.

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