Why Coherus Biosciences Popped Today

Shares of Coherus (CHRS 5.74%) rallied as much as 21.7% early Monday, then gave up its gains to trade up around 2.4% as of 2:40 p.m. ET. This occurred after the company announced an agreement to divest its ophthalmology franchise.Coherus divests a non-core assetIn a press release this morning, Coherus announced a deal to divest its Cimerli franchise, a biosimilar drug to treat vision impairment and loss, to biosimilars company Sandoz Group (SDZN.Y 2.90%). The latter will pay Coherus $170 million in cash up ...