Sandoz: Bolsters Eyecare Portfolio With Cimerli Acquisition at a Favorable Price

No-moat Sandoz announced on Jan. 22 that it has signed an agreement to acquire Cimerli from Coherus BioSciences for $170 million plus inventory costs. The deal is anticipated to close in the first half of the year, and we do not expect any regulatory challenges. Cimerli (ranibizumab) is a biosimilar to Genentech’s Lucentis, which treats wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy. Cimerli was approved with interchangeability in August 2022 and launched in October. After accounting for the acquisition and the time value of money, we raise our fair value estimate to CHF 31 from CHF 28.50.