Coherus Biosciences Inc. sold 5,948,274 of its common shares at $14.50 apiece in an underwritten public offering.
The shares sold included the full exercise of the underwriters' option to buy up to an additional 775,861 shares in the offering.
Coherus received net proceeds of about $80.8 million from the sale of the common shares in the offering.
The company plans to use the net proceeds to launch, manufacture and manage the commercial supply of its drug candidate CHS-1701, a biosimilar of Amgen Inc.'s Neulasta. In addition, the proceeds will be used for the ongoing manufacturing, development and clinical trial activities related to CHS-0214, CHS-1420, CHS-3351, CHS-2020 and CHS-131.
Any remaining proceeds from this offering will be used for working capital and other general corporate purposes.
J.P. Morgan and Citigroup served as joint book-running managers for the offering, with Mizuho Securities as lead manager. Baird, Maxim Group LLC and H.C. Wainwright & Co. served as co-managers.
Redwood City, Calif.-based Coherus BioSciences is a biosimilar company, which develops and commercializes various therapeutic products worldwide.
