Coherus BioSciences Announces Agreement to Divest UDENYCA Franchise in Deal with Intas Pharmaceuticals Ltd.

Coherus BioSciences, Inc. (NASDAQ: CHRS) recently disclosed the signing of an Asset Purchase Agreement with Intas Pharmaceuticals Ltd. This agreement involves the divestiture of Coherus’ UDENYCA franchise, including its on-body injector presentation, to Intas for a total sum of $483.4 million in cash. The deal also encompasses additional potential payments of $37.5 million each based on certain sales milestones.

The Board of Directors of Coherus has unanimously approved this agreement, which awaits a vote from the company’s stockholders. Assuming all conditions are met, the transaction is anticipated to conclude in the first quarter of 2025.

While Coherus is not subject to a financing condition for the transaction, customary closing conditions include approval from shareholders, clearance under the Hart-Scott-Rodino Antitrust Improvements Act, among others.

Upon the completion of the transaction, Coherus anticipates benefiting from tax attributes to offset federal income taxes related to the divestiture. The company further outlined plans to use a portion of the proceeds to repay existing convertible notes due in 2026 in full.

This strategic decision to divest the UDENYCA franchise allows Coherus to sharpen its focus on pioneering immuno-oncology programs that include LOQTORZI. The Company plans to harness the transaction proceeds for the development of key combination programs.

Coherus also laid out a roadmap for upcoming milestones including the advancement of innovative products like Casdozokitug, an interleukin-27 (IL-27) antagonist, and CHS-114, a selective chemokine receptor 8 (CCR8) antibody.

J.P. Morgan Securities LLC serves as the financial advisor to Coherus BioSciences with Latham & Watkins LLP acting as legal counsel. The Company has scheduled an investor conference call on Tuesday, December 3, 2024, to discuss these strategic developments.

The Company’s press release and the filed Asset Purchase Agreement provide comprehensive details regarding this transaction, which is aimed at channeling resources towards pioneering oncology treatment programs.

This article is a summary of the recent 8-K disclosure by Coherus Biosciences, Inc., showcasing their strategic move to divest the UDENYCA franchise in a deal with Intas Pharmaceuticals Ltd.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Coherus BioSciences’s 8K filing here.

About Coherus BioSciences

Coherus BioSciences, Inc, a biopharmaceutical company, focuses on the research, development, and commercialization of cancer treatments primarily in the United States. The company develops UDENYCA, a biosimilar to Neulasta, a long-acting granulocyte-colony stimulating factor; LOQTORZI, a novel PD-1 inhibitor; and Casdozokitug, an investigational recombinant human immunoglobulin isotype G1 (IgG1) monoclonal antibody targeting interleukin 27.