Paul Reider has followed Coherus BioSciences’ last biosimilar product out the door. As the biotech completes its pivot from biosimilars to novel immuno-oncology programs, Reider has resigned as chief commercial officer to pursue other opportunities.
Coherus named Reider chief commercial officer in 2022. At that time, the company was using revenues from approved biosimilars to fund development of an immuno-oncology franchise. Coherus won FDA approval for Loqtorzi, the anti-PD-1 antibody at the heart of its immuno-oncology strategy, at the second attempt in October 2023.
Since then, the company has sold off its portfolio of biosimilars. Coherus struck deals to sell three biosimilars throughout 2024, concluding with a pact to hand off its Udenyca to Intas Pharmaceuticals.
Intas completed the acquisition of Udenyca—a biosimilar that references Amgen’s febrile neutropenia drug Neulasta—last week. Reider resigned two days later, with an effective date of April 30, according to Coherus, which shared the news Tuesday and framed his exit in the context of the divestiture of its last biosimilar product.
Coherus previously predicted that around 50 employees associated with Udenyca would transfer to Accord BioPharma, the U.S. specialty division of Intas, as part of that deal. The biotech said the staff departures would reduce its headcount by 30%.
Bryan McMichael, chief financial officer at Coherus, said on an earnings call last month that other people will be leaving the company, too. The plan, McMichael said, is to reduce Coherus’ headcount from 225 to 155. With 50 people joining Accord, Coherus would need to eliminate another 20 roles to hit its goal; McMichael said the company will work out the rest of the headcount reduction over the coming year.
Amid its CCO’s departure, Coherus still has a commercial product and is working to maximize Loqtorzi sales while generating data on combinations featuring the checkpoint inhibitor. Coherus hired Sameer Goregaoker as senior VP of immuno-oncology marketing and Loqtorzi brand lead late last year. Goregaoker’s start at the company was complicated by two challenges related to Udenyca.
“The first was Udenyca temporary supply interruption,” Goregaoker said on the March earnings call. “Second, the announcement of [the] Udenyca divestiture and the required field force restructuring comprised an additional impediment. This will continue to impact us until the transaction closes, customer assignments are finalized and the field establishes a new territory footprint and customer relationships.”
Coherus’ sales team and digital promotions are now focused on educating customers about guidelines on the use of Loqtorzi that were published in November. Goregaoker said there is significant off-label use of Merck & Co.’s Keytruda in the target indication, and Coherus is working to shift physicians to Loqtorzi by educating them about the data and guidelines.