Sandoz Group AG (SWX:SDZ) entered into a definitive agreement to acquire CIMERLI an ophthalmology franchise from Coherus BioSciences, Inc. (NasdaqGM:CHRS) for approximately $170 million on January 22, 2024. Consideration is for upfront, all-cash consideration of $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. 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 Group AG. Latham & Watkins LLP is acting as legal advisor to Coherus BioSciences, Inc. Olivia Tyrrell and Michelle Carr of Baker & McKenzie LLP acted as legal advisor to Sandoz Group AG.