California-Based Biotech Rallies Strongly Following $558.4M Divestiture

By: Dylan Sikes – AllPennyStocks.com News

Tuesday, December 3, 2024

A California-based biotech company found a tremendous amount of success on Tuesday following the company announcing an agreement to divest its Udenyca franchise for $558.4 million, according to a release.

Traders were quick to buy up shares of Coherus BioSciences Inc. (Nasdaq:CHRS) following the news, with the price of the small cap reaching up to $2.43/share (+77.37%) at the session high. This move was a strong continuation of the success this stock has had over the last month.

Coherus BioSciences Inc is a commercial-stage biopharmaceutical company building an innovative immuno-oncology franchise funded with cash generated by its diversified portfolio of FDA-approved therapeutics. Toripalimab is being evaluated in pivotal clinical trials for the treatment of cancers of the lung, breast, liver, skin, kidney, stomach, esophagus, and bladder. The company markets UDENYCA, a biosimilar of Neulasta in the United States, and expects to launch the FDA-approved Humira biosimilar YUSIMRY in the United States in 2023. The company is also developing CHS-305, a biosimilar of Avastin. The company generates revenue primarily from the United States.

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