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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 8.01. | Other Events |
On June 6, 2023, Coherus BioSciences, Inc., a Delaware corporation (the “Company”), received a notice letter from AbbVie Inc. (“AbbVie”) alleging the Company breached its settlement and license agreement with AbbVie (the “AbbVie Agreement”), which grants the Company a royalty-bearing, non-exclusive license under AbbVie’s intellectual property rights to commercialize YUSIMRYTM in the United States commencing on July 1, 2023, because of the Company’s announcement on June 1, 2023 of its pricing agreement with Mark Cuban Cost Plus Drug Company, PBC (“CPD”) and its plans to offer YUSIMRYTM to CPD customers beginning in July 2023. The Company sent a response letter to AbbVie on June 11, 2023 denying the allegation in full and requesting that AbbVie provide more information about the allegation.
Solely to maintain certainty that it would have continued access to the license granted by AbbVie to the Company in the AbbVie Agreement with an upcoming planned launch of YUSIMRYTM in July 2023, the Company filed a motion for a temporary restraining order against AbbVie in the Delaware Court of Chancery on June 13, 2023. In response, AbbVie filed a motion for preliminary injunction on June 13, 2023.
The parties engaged in discussions to attempt to resolve the dispute and on June 14, 2023 entered into a stipulation resolving the Company’s motion for temporary restraining order, whereby AbbVie agreed that it will not seek to terminate the AbbVie Agreement based on its June 6, 2023 notice, and that it will not terminate the Agreement unless it first serves a new notice of breach and affords the Company an opportunity to cure any alleged breach.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: June 15, 2023 | COHERUS BIOSCIENCES, INC. | |||||
| By: | /s/ McDavid Stilwell | |||||
| Name: | McDavid Stilwell | |||||
| Title: | Chief Financial Officer | |||||
