Coherus BioSciences lays off 20% of staff, while antimicrobial biotech makes deeper cuts – Endpoints

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Coherus BioSciences lays off 20% of staff, while antimicrobial biotech makes deeper cuts – Endpoints News


https://endpts.com/coherus-bioscien...hile-antimicrobial-biotech-makes-deeper-cuts/


More layoffs have hit the biotech industry this week, with Coherus BioSciences saying it let go about 60 employees and an antimicrobial drug developer parting ways with 30% of its staff.

The layoffs at Coherus, an immuno-oncology biotech and maker of biosimilars, equates to roughly 20% of the 359 full-time and part-time employees it had at the end of 2022, all based in the US. The Redwood City, CA biotech disclosed the news in its quarterly update. In an SEC filing, Coherus said most of the layoffs would go into effect on Friday.
 
























Just until the FDA sends us the complete response letter on Toripalimab regarding the lack of diversity in our phase 3 study population, which consists of only Chinese patients. Couple that with our biosim launch of what is an already outdated eye drug in Cimerli, an upcoming tenth to market launch of our Humira analog in Yusimry, and the measly return we'll see for the on body injector for Udenyca, and this place makes will make the Titanic look like a fucking life preserver by August.
 




Do you perceive more lay offs from Commercial around Dec. 2024? After hearing DL speech today, he said they are going to have "cut backs"! How much leaner can we get? Contract out FRM's? Downsize to 25-30 OAM's? In the meantime, DL is hiring more financial background board members to advise him on preparing to sell!! Your thoughts?
 








anonymous said:
Do you perceive more lay offs from Commercial around Dec. 2024? After hearing DL speech today, he said they are going to have "cut backs"! How much leaner can we get? Contract out FRM's? Downsize to 25-30 OAM's? In the meantime, DL is hiring more financial background board members to advise him on preparing to sell!! Your thoughts?
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Thoughts? How about this one. Coherus will be parted out. No onc firm buying Loqtorzi a wants a biosim, and no biosim firm buying Udenyca wants a PD1. Doesn't fit their business models. And they surely wont pay a premium for either.

7th to market PD1 Loqtorzi might as well be a biosimilar at this point due to market saturation, and the additional revenue from on-body injector sales of Udenyca will have already plateaued by the time a deal goes through. There's no real revenue growth opportunity for the buyer with either.

If Loqtorzi sells, it'll be to a firm looking to bridge itself to another product in development just to keep its lights on in the meantime. If Udenyca sells, it goes to an existing biosim firm looking to bolster its offerings. And neither buyer will have the cash reserves or financial backing to pay a premium for either.
 




anonymous said:
Thoughts? How about this one. Coherus will be parted out. No onc firm buying Loqtorzi a wants a biosim, and no biosim firm buying Udenyca wants a PD1. Doesn't fit their business models. And they surely wont pay a premium for either.

7th to market PD1 Loqtorzi might as well be a biosimilar at this point due to market saturation, and the additional revenue from on-body injector sales of Udenyca will have already plateaued by the time a deal goes through. There's no real revenue growth opportunity for the buyer with either.

If Loqtorzi sells, it'll be to a firm looking to bridge itself to another product in development just to keep its lights on in the meantime. If Udenyca sells, it goes to an existing biosim firm looking to bolster its offerings. And neither buyer will have the cash reserves or financial backing to pay a premium for either.
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The market cap is less than a 1x revenue multiple. The company has to be worth more broken up.
 
















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