Co­herus craters af­ter Am­gen wins re­prieve on Neu­las­ta knock­off — FDA re­jects mar­ket­ing ap­pli­ca­tion

Shares of Co­herus $CHRS tum­bled 32% ear­ly Mon­day as news spread that the FDA has re­ject­ed its ap­pli­ca­tion for a biosim­i­lar of Am­gen’s Neu­las­ta.

Neu­las­ta earned more than $4 bil­lion in rev­enue last year, mak­ing CHS-1701 a threat to one of Am­gen’s old­est and biggest drug fran­chis­es. Any de­lay on this front could be worth big sums to Am­gen, which saw shares rise about 1% ear­ly Mon­day. But com­pe­ti­tion is in­evitable now.

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