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Coherus prices common stock offering

Coherus Biosciences Inc. priced an offering of 5,172,413 common shares at $14.50 each.

Underwriters have a 30-day option to buy up to an additional 775,861 shares at the offering price.

The company plans to use net proceeds to support the launch of its drug candidate CHS-1701. Proceeds will also go toward clinical trial activities, working capital and other general corporate purposes.

The offering is expected to close on or about May 25, subject to customary closing conditions.

J.P. Morgan and Citigroup are acting as joint book-running managers for the offering, with Mizuho Securities as lead manager. Baird, Maxim Group LLC and H.C. Wainwright & Co. are acting as co-managers.

The Redwood City, Calif.-based company develops biosimilar drugs, such as pegfilgrastim biosimilar CHS-1701, which stimulates the level of white blood cells in chemotherapy patients.