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Deals roundup: Coherus sharpens oncology focus, BridgeBio bolsters balance sheet and more

ARTICLE | Deals

BioCentury’s weekly roundup of biopharma deals, Jan. 16-22

By Gunjan Ohri, Data Content Analyst

January 23, 2024 1:32 AM UTC

The decision by  Coherus BioSciences Inc. (NASDAQ:CHRS) to divest eye disease therapy Cimerli, a biosimilar of ranibizumab, will further sharpen the biotech’s focus on its core area of oncology.  Sandoz Group AG (SIX:SDZ; Pink:SDZNY) agreed to purchase the asset for $170 million in upfront cash.

The deal, which is expected to close this half, is part of Coherus’ plan to monetize its non-core assets to pay down debt, reduce interest costs and narrow its therapeutic focus. The divestiture will also reduce headcount and overhead costs, the company said.