Press release from Business Wire
Baxter and Coherus Biosciences Announce Collaboration to Develop and Commercialize Biosimilars
Tuesday, September 03, 2013
Baxter and Coherus Biosciences Announce Collaboration to Develop and Commercialize Biosimilars09:00 EDT Tuesday, September 03, 2013
DEERFIELD, Ill. & REDWOOD CITY, Calif. (Business Wire) -- Baxter International Inc. (NYSE:BAX) and Coherus Biosciences, Inc. today announced that they have entered into an exclusive collaboration to develop and commercialize a biosimilar to etanercept for Europe, Canada, Brazil and certain other markets. Additionally, the agreement allows for the expansion of the collaboration to include another product. Biosimilars are intended to be used in place of existing, branded biologics to treat a range of chronic and often life-threatening diseases and have the potential to reduce costs and expand patient access.
Under the agreement, Baxter will make an upfront payment of $30 million. Coherus will conduct development and Baxter will make payments of up to $216 million contingent upon the achievement of development and regulatory events. The agreement also allows for development and commercialization of an alternative biosimilar to etanercept, pending the outcome of clinical data.
''The collaboration allows us to partner with a company that brings demonstrated capabilities with potential to support accelerated entry into the biosimilar market for Baxter. This collaboration and Baxter's ongoing relationship with Momenta expand Baxter's pipeline, which now includes several biosimilars in the areas of immunology and oncology,'' said Ludwig Hantson, Ph.D., president of Baxter's BioScience business. ''As an established biologics leader, we're looking forward to entering the market with biosimilar treatments that will broaden patient access to care.''
''We are pleased to be partnering with Baxter, a premier healthcare company that shares our strategic commitment to biosimilars,'' said Denny Lanfear, chief executive officer of Coherus. ''This agreement further validates our unique business model and capability to globally develop products from conception through approval.''
About Baxter International Inc.
Baxter International Inc., through its subsidiaries, develops, manufactures and markets products that save and sustain the lives of people with hemophilia, immune disorders, cancer, infectious diseases, kidney disease, trauma and other chronic and acute medical conditions. As a global, diversified healthcare company, Baxter applies a unique combination of expertise in medical devices, pharmaceuticals and biotechnology to create products that advance patient care worldwide.
About Coherus Biosciences
Coherus Biosciences is a clinical stage, pure-play biosimilar company headquartered in the San Francisco Bay Area. The company was founded by a group of biotech pioneers brought together by the shared vision of using their expertise and knowledge to increase global patient access to high quality, life changing biologic medications. From conceptualization to commercialization, Coherus' unique business model leverages a strategic consortium of key service providers aligned through ownership and shared incentives. Coherus' global partnerships include top-tier Biopharma in Europe, Asia, and Latin America pursuing the integrated development and commercialization of products representing over $35 billion in current sales. For additional information, please visit www.coherus.com.
This release includes forward-looking statements concerning a development and commercialization agreement between Baxter International Inc. and Coherus Biosciences, Inc., including expectations with regard to future milestone payments. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: satisfaction of regulatory and other requirements; actions of regulatory bodies and other governmental authorities; clinical trial results; changes in laws and regulations; product quality or patient safety issues; and other risks identified in Baxter's most recent filings on Form 10-K and other SEC filings. Baxter does not undertake to update its forward-looking statements.
Baxter International Inc.
Brian Kyhos or Deborah Spak, 224-948-5353
Mary Kay Ladone, 224-948-3371
George Montgomery, 650-649-3567
Chief Financial Officer