Temasek investing $150M in Coherus

Coherus BioSciences Inc. (NASDAQ:CHRS) jumped $2.45 (22%) to $13.55 on Monday after announcing Temasek will invest $150 million in the biosimilars company over two tranches. Coherus plans to raise $75 million through the sale of 6.5 million shares at $11.44 in the first tranche, which is expected to close on Aug. 31. The price is a 3% premium to Coherus' closing price of $11.10 on Friday, before the private placement was proposed.

Coherus expects to receive the second $75 million tranche upon FDA approval of CHS-1701, the company’s proposed biosimilar of neutropenia drug Neulasta pegfilgrastim from Amgen Inc. (NASDAQ:AMGN)...