The packed PD-(L)1 game just got an­oth­er play­er — a low-pro­file biosim­i­lars com­pa­ny look­ing to branch out with a $150M cash pact

Af­ter the ma­jors lined up their PD-(L)1s, a low-pro­file biosim­i­lars com­pa­ny has stepped up with the lat­est part­ner­ship as the next wave of check­points is about to hit a crowd­ed shore.

Co­herus Bio­Sciences is drop­ping $150 mil­lion up­front for the rights to Jun­shi Bio­sciences’ tori­pal­imab — Chi­na’s first home­grown an­ti-PD-1 mon­o­clon­al an­ti­body to get mar­ket­ing ap­proval. The biotech joins the ranks of Eli Lil­ly, No­var­tis and EQRx, which all struck big PD-1 deals in the last year. The deals raise the pos­si­bil­i­ty that long af­ter be­com­ing megablock­busters, Keytru­da and Op­di­vo could see some price com­pe­ti­tion in the near fu­ture.

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