Coherus raises $120M in follow-on

Coherus BioSciences Inc. (NASDAQ:CHRS) raised $120 million through the sale of 4.1 million shares at $29 in a follow-on underwritten by JPMorgan; Credit Suisse; and Cowen. Coherus proposed the offering after market Monday, when its shares closed at $30.02. Coherus lost $3.30 (11%) to $27.28 on Wednesday.

The company expects to spend about $85 million to fund development of its preclinical biosimilar candidates and $7 million to fund a Phase II study it began last month of INT-131, a non-thiazolidinedione (TZD) peroxisome proliferation activated receptor (PPAR) gamma selective modulator, to treat multiple sclerosis. Coherus acquired INT-131 when it bought InteKrin Therapeutics Inc. last year. ...