Biopharmaceutical company Coherus BioSciences has agreed to divest its ophthalmology franchise, Cimerli, to pharmaceutical company Sandoz for $170 million.
Coherus will also earn an additional amount for Cimerli product inventory, according to a Jan. 22 press release.
Coherus will divest from Cimerli's biologics license application, ophthalmology sales and select field reimbursement teams, Cimerli product inventory on hand, and access to proprietary commercial software.
Coherus originally entered the ophthalmology space in 2022 and has made the decision to monetize its non-core assets to pay down debt, reduce interest costs and take the opportunity to focus on its core therapeutic area, oncology, according to the release.
The deal is expected to close in the first part of 2024, subject to regulatory approvals.