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Coherus BioSciences (NASDAQ:CHRS) stock fell ~8% on Monday after the company said it signed an agreement with Klinge Biopharma for the exclusive commercialization rights in the U.S. for FYB203, a biosimilar to Regeneron Pharmaceuticals (REGN) and Bayer's (OTCPK:BAYZF) (OTCPK:BAYRY) drug Eylea (aflibercept).
The parties expect to complete the transaction in Q1 2023, and Coherus plans to file a biologics license application with the U.S. Food and Drug Administration later this year.
Coherus plans to launch the product at Eylea biosimilar market formation, currently expected to be in 2025, if approved.