Coherus BioSciences Is To Takeover Surface Oncology
- June 16th, 2023
- 500 views
Coherus BioSciences, Inc. (Nasdaq: CHRS) and Surface Oncology, Inc. (Nasdaq: SURF) have entered into a definitive merger agreement where Coherus will acquire Surface Oncology in a stock for stock transaction valued at up to $65 million.
This merger will add two clinical-stage assets, SRF388 and SRF114, to Coherus' immuno-oncology pipeline.
The agreement involves Coherus issuing shares of its common stock at a price of $5.2831 per share to acquire all outstanding shares of Surface stock. Surface shareholders will also receive contingent value rights (CVRs) tied to milestone and royalty-based values.
The merger is expected to have a positive financial impact, with Surface's net cash projected to strengthen Coherus' balance sheet. Additionally, the acquisition will enable pipeline prioritization and reduce R&D spending.
In pre-market, $SURF is trading at $1.01 (+36.48%), while $CHRS is trading at $5.07 (-5.94%), following the announcement.
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