Coherus Divesting UDENYCA Franchise to Intas Pharmaceuticals for up to $558M

December 3, 2024

DENVER, Colo., Dec 03, 2024 (247marketnews.com)- Coherus BioSciences (NASDAQ: CHRS) entered into an asset purchase agreement with Intas Pharmaceuticals to divest its UDENYCA franchise for up to $558.4 million and includes a $483.4 million upfront payment, to be adjusted for inventory at close, and up to $75.0 million in potential net sales milestone payments.

Coherus plans to fully repay the Company’s $230.0 million in existing convertible notes due April 2026 and $49.1 million to buy-out certain royalty obligations related to UDENYCA, with a portion of the proceeds.

Denny Lanfear, Chairman and CEO of Coherus, commented, “The proposed divestiture of UDENYCA represents the successful execution of our strategy to focus R&D and commercial resources on Coherus’ innovative immuno-oncology portfolio and to strengthen our financial position.

“We have created significant value with our UDENYCA franchise, and this proposed transaction allows us to monetize that value in order to maximize the opportunity ahead for LOQTORZI (toripalimab-tpzi), a novel PD-1 inhibitor with growing sales and the only FDA-approved treatment for nasopharyngeal carcinoma (NPC), allowing us to accelerate and advance the development of our I-O pipeline in combination with LOQTORZI.

“In addition, by paying off our convertible notes in their entirety, we will significantly improve our capital structure and align our operational footprint with our strategic focus. As we enter this new phase of growth, we are well positioned to drive significant value for both patients and shareholders as we advance our mission to extend cancer patient survival.”

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