Coherus BioSciences, which is developing a biosimilar version of Amgen's Enbrel treatment for inflammatory diseases, filed on Thursday with the SEC to raise up to $86 million in an initial public offering.
Enbrel is a self-injected prescription treatment marketed by Amgen that can be used to treat five inflammatory diseases, including rheumatoid arthritis, plaque psoriasis, psoriatic arthritis, juvenile idiopathic arthritis and ankylosing spondylitis. Due to their molecular complexity, biologics cannot be reproduced like generic drug manufacturers. Biosimilars, also known as follow-on biologics, are drugs that versions of these highly complex approved drugs. The year's other biosimilar biotech, Pfenex (PFNX), is developing a version of Roche's Lucentis treatment for wet AMD.
Primary shareholders include Daiichi Sankyo, Lilly Ventures, Medpace, KKR, Sofinnova Ventures, Chairman and CEO Dennis Lanfear and Venrock.
Coherus is one of several biotech IPOs with a psoriasis indication, including Dermira (DERM), which is set to price on October 2. Vitae Pharmaceuticals (VTAE) had preclinical candidates for psoriasis and rheumatoid arthritis. Virobay (VBAY), backed by TPG and AbbVie, targets pain, Crohn's disease and psoriasis. Forward Pharma (FWP) is developing treatments for both multiple sclerosis and psoriasis.
The Redwood City, CA-based company, which was founded in 2010 and booked $10 million in revenue for the 12 months ended June 30, 2014, plans to list on the NASDAQ under the symbol CHRS. Coherus BioSciences initially filed confidentially on August 4, 2014. J.P. Morgan and Credit Suisse are the joint bookrunners on the deal. No pricing terms were disclosed.
