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.
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.