Latham & Watkins Advises Coherus BioSciences in Divestment of Ophthalmology Franchise to Sandoz
Coherus BioSciences, Inc. (NASDAQ: CHRS) has announced that it has entered into an agreement to divest its CIMERLI® (ranibizumab-eqrn) ophthalmology franchise, inclusive of CIMERLI and its supporting commercial infrastructure, to Sandoz for upfront, all-cash consideration of US$170 million plus an additional amount for CIMERLI product inventory and subject to customary working capital adjustments at the closing date. This divestiture includes Coherus’ CIMERLI biologics license application, ophthalmology sales and select field reimbursement teams, CIMERLI product inventory on hand, and access to proprietary commercial software.
Latham & Watkins LLP represents Coherus in the transaction with a corporate deal team led by Bay Area M&A partner Josh Dubofsky, Bay Area healthcare IP partner Jekkie Kim, Bay Area emerging companies and growth partner Ben Potter, and Bay Area capital markets partner Phillip Stoup, with associates Danny Nordstrom, Christopher Lim, Avery Brust, Chelsi DeTurk, Fiona Gillan, and Billy Wu. Advice was also provided on tax matters by Bay Area partner Grace Lee, with associate Gregory Conyers; on antitrust matters by Bay Area partner Josh Holian, with associate Hanna Nunez Tse; on healthcare regulatory matters by Washington, D.C. partner Chris Schott and Washington, D.C. counsel Nicole Liffrig Molife; on FDA regulatory matters by Washington, D.C. partner Elizabeth Richards; on data privacy matters by Bay Area partner Heather Deixler, with associate Mitch Bennett*; on benefits and compensation matters by Bay Area partner Jay Metz, with associate Nimra Syed; and on CFIUS and sanctions matters by Washington, D.C. partner Les Carnegie and Washington, D.C. counsel Catherine Hein.
*Admitted to practice in New South Wales (Australia) only.