Baxter, Coherus Biosciences Report Collaboration to Develop, Commercialize Biosimilars

Baxter International Inc.

and Coherus Biosciences, Inc. today announced that they have entered into an exclusive collaboration to develop and commercialize a biosimilar to etanercept for Europe, Canada, Brazil and certain other markets. Additionally, the agreement allows for the expansion of the collaboration to include another product. Biosimilars are intended to be used in place of existing, branded biologics to treat a range of chronic and often life-threatening diseases and have the potential to reduce costs and expand patient access. Under the agreement, Baxter will make an upfront payment of $30 million. Coherus will conduct development and Baxter will make payments of up to $216 million contingent upon the achievement of development and regulatory events. The agreement also allows for development and commercialization of an alternative biosimilar to etanercept, pending the outcome of clinical data.