Why Is Coherus BioSciences (CHRS) Stock Up 17% Today?

Coherus BioSciences (NASDAQ:CHRS) stock is taking off on Monday after the biopharmaceutical company announced a $170 million divestment.Coherus BioSciences is selling its CIMERLI ophthalmology franchise to Sandoz (OTCMKTS:SDZNY) for an upfront payment of$170 million. That payment will be made in cash and the sale includes supporting commercial infrastructure for CIMERLI.To go along with this, Coherus BioSciences will also sell all CIMERLI product inventory at a later date for additional funds. The sale is ...