Coherus BioSciences Shares Rise Premarket on FDA Approval of Lucentis Biosimilar
August 03 2022 - 07:03AM
Dow Jones News
By Colin Kellaher
Shares of Coherus BioSciences Inc. jumped more than 10% in
premarket trading on Wednesday after the biopharmaceutical company
said the U.S. Food and Drug Administration approved Cimerli, its
biosimilar to Roche Holding AG's blockbuster eye drug Lucentis.
The Redwood City, Calif., company said Cimerli is the first
Lucentis biosimilar that is interchangeable for all five
FDA-approved indications, meaning it can be substituted without the
prescriber having to change the prescription, much like how generic
drugs are routinely substituted for brand-name drugs.
Biosimilars are near-copies of biologic drugs that are made from
living cells and are analogous to generic copies of traditional
pill-form medicines.
Coherus said that Cimerli, which has a year of
interchangeability exclusivity, is its third FDA-approved product
and the first of four new product launches planned by the end of
2023, adding that it expects its first sales of the product in
October.
Roche reported U.S. Lucentis sales of nearly $600 million for
the first half of this year but noted that the first biosimilars
would be hitting the market in the second half.
Coherus shares, which closed Tuesday at $10.02, were recently up
13% to $11.33 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 03, 2022 06:48 ET (10:48 GMT)
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