Daiichi ends development of Coherus' biosimilar of Enbrel

Coherus Biosciences Inc. (NASDAQ:CHRS) slipped $0.25 to $14.40 on Wednesday after partner Daiichi Sankyo Co. Ltd. (Tokyo:4568) discontinued development in Japan of CHS-0214, a biosimilar of Enbrel etanercept from Amgen Inc. (NASDAQ:AMGN), to treat rheumatoid arthritis. Coherus said it regained territorial rights to the biosimilar.

Daiichi noted that CHS-0214 met the primary endpoint of equivalence to Enbrel in a trial to treat RA, but said it could not establish a “commercial manufacturing process to enable a feasible supply” of the product in Japan. Spokesperson Juliana Reed said Coherus is reviewing its plan for CHS-0214 in Japan...