Coherus Biosciences has announced its acquisition of Surface Oncology for up to $65m, which is expected to close in Q3 2023. The deal will see Surface shareholders receive Coherus Biosciences stock as consideration. This move is significant for Coherus, which is launching biosimilar Yusimry in July and currently markets biosimilars of Neulasta and Lucentis. The acquisition will provide Coherus access to novel immuno-oncology therapies including IL-27-directed antibody SRF388, targeting lung and liver cancer, and the CCR8 antibody SRF114 targeting solid tumours.
Coherus Biosciences' acquisition of Surface Oncology aims to bolster the former's position in cancer therapeutics by expanding its product portfolio. Under the terms of the agreement, Coherus will pay Surface $28 million upfront with additional milestone payments potentially reaching up to $37 million in the future. As part of the deal, Surface plans to reduce its workforce by an additional 50%, resulting in approximately 30 employees departing from March 6th headcount figures.