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Innovent sells US, Canada rights of Avastin biosimilar to Coherus BioSciences

Suzhou, China-based Innovent Biologics Inc. agreed to sell the commercial rights to its Avastin biosimilar, IBI305, in the U.S. and Canada to Coherus BioSciences Inc.

A biosimilar is a cheaper version of a biologic therapy. IBI305, for example, will likely be a less expensive substitute for Roche Holding AG's blockbuster drug Avastin — used to treat colorectal, lung, kidney and cervical cancer, among others.

Redwood City, Calif.-based Coherus BioSciences will pay Innovent $45 million up front, plus additional milestone payments when certain goals are achieved, and double-digit percent of royalties on IBI305 sales.

IBI305 has completed a phase 3 study in China, and Innovent has filed an application for marketing approval, which was accepted and granted priority review status by China's National Medical Products Administration.

Coherus BioSciences plans to file a marketing application for IBI305 to the U.S. Food and Drug Administration in late 2020 or early 2021.

Under the deal's terms, Coherus also has a nonexclusive option to license IBI301, Innovent's biosimilar to Rituxan, in the U.S. and Canada with the same financial terms. Rituxan, also sold as MabThera, is another blockbuster Roche medicine used to treat certain blood cancers, including lymphoma and leukemia.