Baxter International & Coherus Biosciences Sign $246-Million Pact
Baxter International Inc. and Coherus Biosciences, Inc. recently announced 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.
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, PhD, 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,” added Denny Lanfear, CEO of Coherus. ”This agreement further validates our unique business model and capability to globally develop products from conception through approval.”
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. For more information, visit www.baxter.com.
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. For more information, visit www.coherus.com.
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