Coherus BioSciences Prices 3.5 Million Shares at $18.00 A share

Coherus BioSciences, Inc. (CHRS), which is a leading pure-play, global biosimilars company with late-stage clinical products, revealed the pricing of its underwritten public offering of 3.5 million shares of its common stock at $18.00 per share. The company stated that the offering is expected to close on or about May 26 subject to satisfaction of customary closing conditions.According to Coherus BioSciences, all of the shares of the common stock to be sold in the offering would be offered by the company only. Aside from that, the company granted the underwriter a 30-day option to acquire a maximum of an additional 525 thousand shares of its common stock at the public offering price after deducting the underwriter's discount.The company indicated that it plans to use the substantial portion of the net proceeds from this offering to fund manufacturing, as well as, related activities for late-stage products, and any remaining proceeds for working capital and other general corporate purposes.Following this, the stock traded 7.13 percent down on Monday.