Sandoz Inc. entered into a definitive agreement to acquire CIMERLI an ophthalmology franchise from Coherus BioSciences, Inc. (NasdaqGM:CHRS) for approximately $170 million on January 19, 2024. Consideration is for upfront, all-cash consideration of $170 million plus an additional $17.8 million for CIMERLI product inventory and prepaid manufacturing assets. Such consideration is subject to certain adjustments that will be finalized following the closing pursuant to the Purchase Agreement. 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. Transaction is subject to certain closing conditions and approvals, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Transaction is expected to close in H1, 2024. J.P. Morgan Securities LLC is acting as financial advisor to Sandoz. Benjamin A. Potter and Josh Dubofsky of Latham & Watkins LLP are acting as legal advisors to Coherus BioSciences, Inc. Olivia Tyrrell and Michelle Carr of Baker & McKenzie LLP acted as legal advisor to Sandoz.

Sandoz Inc. completed the acquisition of CIMERLI an ophthalmology franchise from Coherus BioSciences, Inc. (NasdaqGM:CHRS) on March 1, 2024.