Coherus Biosciences Will Acquire Surface Oncology; Coherus Will Issue Shares At $5.2831/Share Equivalent To $40M Plus Surface's Net Cash (Currently Expected To Be Between $20M-$25M)
Portfolio Pulse from Benzinga Newsdesk
Coherus Biosciences is set to acquire Surface Oncology for $40M in shares at $5.2831/share, plus Surface's net cash of $20M-$25M. Surface shareholders will receive CVRs for 70% of milestone and royalty-based value of existing programs with Novartis AG and GSK plc, and CVRs for 25% of upfront payments for SRF114 and 50% for SRF388.
June 16, 2023 | 11:05 am
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Coherus Biosciences acquires Surface Oncology for $40M in shares, expanding its oncology portfolio.
The acquisition of Surface Oncology will expand Coherus Biosciences' oncology portfolio, which could potentially lead to increased revenues and growth for the company. This is likely to have a positive impact on CHRS stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Surface Oncology shareholders will receive $40M in Coherus shares, net cash, and CVRs for existing programs with Novartis AG and GSK plc.
Surface Oncology shareholders will receive a significant payout from the acquisition, including $40M in Coherus shares, net cash, and CVRs for existing programs with Novartis AG and GSK plc. This is likely to have a positive impact on SURF stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100