Coherus BioSciences Exits Biosimilar Market, Shifts Focus to Immuno-Oncology

Coherus BioSciences, a prominent player in the biosimilar market, has completed its strategic pivot towards novel immuno-oncology programs, marking a significant shift in the company's direction. This transition has been accompanied by notable changes in leadership and workforce restructuring.

Leadership Changes and Workforce Restructuring

Paul Reider, who joined Coherus as chief commercial officer in 2022, has resigned from his position effective April 30, 2025. His departure comes just days after the company finalized the sale of its last biosimilar product, Udenyca, to Intas Pharmaceuticals.

The divestiture of Udenyca is expected to result in a substantial reduction in Coherus' workforce. Bryan McMichael, the company's chief financial officer, announced plans to decrease the headcount from 225 to 155 employees. This includes the transfer of approximately 50 employees associated with Udenyca to Accord BioPharma, the U.S. specialty division of Intas.

Strategic Shift to Immuno-Oncology

Coherus' transformation from a biosimilar-focused company to an immuno-oncology innovator has been marked by several key developments:

1. The FDA approval of Loqtorzi, an anti-PD-1 antibody, in October 2023 after a second attempt.
2. The systematic divestiture of the company's biosimilar portfolio throughout 2024.
3. The appointment of Sameer Goregaoker as senior VP of immuno-oncology marketing and Loqtorzi brand lead.

Despite challenges related to the Udenyca supply interruption and divestiture, Coherus is now concentrating its efforts on maximizing Loqtorzi sales. The company's sales team is focused on educating healthcare providers about the drug's usage guidelines, published in November, and aims to shift physicians from off-label use of Merck & Co.'s Keytruda to Loqtorzi in the target indication.

Financial Implications and Future Outlook

The sale of Udenyca to Intas Pharmaceuticals, which was completed last week, represents the final step in Coherus' exit from the biosimilar market. While specific financial details of the transaction were not disclosed in the provided information, this move aligns with the company's strategy to fund its immuno-oncology franchise development.

As Coherus navigates this transition, the company faces the dual challenge of establishing its presence in the competitive immuno-oncology market while managing the operational changes resulting from its strategic shift. The success of Loqtorzi and the development of its immuno-oncology pipeline will be crucial factors in determining the company's future trajectory in the pharmaceutical industry.