Health Care Company Coherus BioSciences Announces Merger With Surface Oncology

Author: Benzinga Insights | June 16, 2023 11:10am

Coherus BioSciences (NASDAQ:CHRS) has announced a merger with Surface Oncology (NASDAQ:SURF) that is expected to be completed in Q3 of 2023.

Under the terms of the agreement, Coherus BioSciences has agreed to give Surface Oncology $40.00 million in in exchange for SURF stock. Currently, neither company has disclosed whether the paymentwill be in cash or in stock.

About The Companies Involved

Coherus BioSciences Inc is a commercial-stage biopharmaceutical company building an innovative immuno-oncology franchise funded with cash generated by its diversified portfolio of FDA-approved therapeutics. Toripalimab is being evaluated in pivotal clinical trials for the treatment of cancers of the lung, breast, liver, skin, kidney, stomach, esophagus, and bladder.

Surface Oncology Inc is a clinical-stage immuno-oncology company. It is developing new therapies that modify the spaces in and around tumors in the tumor microenvironment to create conditions that support and sustain anti-tumor immune responses.

How A Merger Works

A merger happens when a company combines operations with another company. In practice, one company will buy the other company's stock in exchange for its own stock. In some cases, cash is used to pay for the company's stock but usually the companies agree to a stock-for-stock transaction.

Due to the exchange and acquisition of stock, a merger is similar to an acquisition. This is why the two terms are commonly grouped together as mergers and acquisitions (M&A). However, in a merger, the leadership & operations of both companies usually change dramatically, while during an acquisition this is less likely to happen.

Make sure to follow our mergers & acquisitions calendar to stay-up-to-date on the most recent M&A deals.

This article was generated by Benzinga's automated content engine and reviewed by an editor.

Posted In: CHRS SURF