Coherus BioSciences (CHRS) IPO Opens Lower

Today's IPO for Coherus BioSciences (NASDAQ: CHRS) opened for trading moments at $12.75 after pricing
6,296,300 shares of its common stock at a public offering price of $13.50 per share, the middle of the expected $12-$15 range. Shares have ticked lower since to $12.60, or down 6.7%.

J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC are acting as joint book-running managers and Cowen and Company, LLC is acting as lead manager for the offering.

Coherus is a late-stage biologics platform company focused on the global biosimilar market. Headquartered in the San Francisco Bay Area and composed of a team of industry veterans with decades of experience in pioneering biologics companies, our goal is to become a global leader in the biosimilar market by leveraging our team's collective expertise in key areas such as process science, analytical characterization, protein production and clinical-regulatory development. Our commercialization partnerships include global pharmaceutical companies in Europe, Asia and Latin America.

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