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Coherus again axes staff, with 30% of roles on chopping block amid 'sharpened focus' on cancer drugs

2024-03-13

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Coherus BioSciences' latest layoffs come as a result of a “sharpened focus” in oncology and a subsequent restructuring, the company said.

Coherus BioScienceslaunching a prior round of layoffs, Coherus BioSciences is aoncologyucing its head count, this time by 30%.

Coherus unveiled the latest job cuts Wednesday alongsidCoherus BioSciences3 financial results. The company was previously left with about 300 employees after a reduction last March forced 60 staffers out of the door.

Coherusest round of cuts started March 7. Coherus aims to complete the reductions by the end of the year and save more than $25 million in annual costs.

The layoffs come as a result of a “sharpenCoheruss” in oncology and a subsequent restructuring, Coherus said. The company in January announced that it will sell its ophthalmology franchise surrounding its Lucentis biosimilar to Sandoz for $170 million in cash. The latest job cuts include 35 employees as part of the ophthalmology divestiture.

The Lucentis copycat, branded as Cimerli, generated $52 million in fourth-quarter sales for Coherus, bringing its full-year total to $125 million.Lucentis Sandoz Sandoz

UdenLucentis other biosimilar proCimerli Coherus’ portfolio, references Amgen’s Neulasta. The biosim generated $36 million in the fourth quarter, down from $38 million in the same period last year, but up sequentially.

Udenycaody autoinjector presentation of UCoheruswas approved by the FDA Amgend the end of 2023, and Coherus just launched that version in February. In just a few weeks, 138 accounts have already orded the on-body product, Coherus Chief Commercial Officer Paul Reider said during a call Wednesday. Citing IQVIA data, Coherus said Udenyca held about 26% of the U.S. market share as of March 1.

Coherus is rebranding itself from a biosUdenycadeveloper to an innovFDAve cancer drug player. The JuCoherusosciences-partnered PD-1 inhibitor Loqtorzi is leading that charge. After a first-in-class FDA approval in nasopharCoheruscarcinoma in October, Coherus launched Loqtorzi at the beginning of 2024.Coherus

Coherusthe company recorded $600,000 in Loqtorzi sales in the fourth quartcancerm wholesaler stockJunshi Biosciencesd. The PD-1PD-1ecomer has Loqtorzi payer coverage under its label for about 95% ofFDArgeted patiennasopharyngeal carcinoma Coherus Loqtorzi

In the first few weeks of its launch, CoLoqtorziw 59 targeted nasopharyngeal cancer accounts ordering Loqtorzi, and the comPD-1 described the uptake as “tracking to expectations.”

To further help strengthen Coherus’ capital position, the Calinasopharyngeal cancerreed with Junshi toLoqtorzind potentially reduce a $25 million milestone payment that was previously due in the first quarter.

Now, Coherus is slated to pCoherusChinese partner $12.5 million by June and the rest in the fJunshiuarter of 2025, with the possibility to cut back on the second tranche by selling the drug’s Canadian rights, the company said.

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