Coherus BioSciences, Inc. (CHRS), Monday announced the completion of its previously announced divestiture of the UDENYCA or pegfilgrastim-cbqv franchise to Intas Pharmaceuticals Ltd., marking a major step in the company's transformation into a focused, innovation-driven oncology business.
Coherus said the transaction, valued at up to $558.4 million, includes an upfront cash payment of $483.4 million, of which $118.4 million was attributed to UDENYCA inventory, and up to $75 million in potential milestone payments based on future sales.
The deal significantly strengthens Coherus' balance sheet, providing a $250 million post-close cash position and extending the company's cash runway into 2027.
"With strong strategic execution, we have transformed the company while dramatically reducing our debt and leaving $250 million on the post-close balance sheet," said Denny Lanfear, Chairman and Chief Executive Officer of Coherus.
He further added that "This provides ample runway to achieve our mid-term corporate objectives, including maximizing LOQTORZI revenues and advancing our novel immuno-oncology candidates."
Following the divestiture, Coherus will focus exclusively on its novel oncology pipeline, which includes:
-- LOQTORZI, a differentiated and revenue-generating PD-1 inhibitor.
-- Casdozokitug, a first-in-class IL-27 antagonist currently in Phase 1/2 studies;
-- CHS-114, a highly selective CCR8 antibody in Phase 1 trials.
Coherus noted that its strategic shift positions the company as a fully integrated commercial-stage oncology company with growing revenues and a promising immuno-oncology pipeline aimed at addressing unmet needs in cancer treatment.
The company also confirmed that Accord BioPharma, Inc., the U.S. specialty division of Intas Pharmaceuticals, has assumed full responsibility for the UDENYCA franchise in the U.S., including all related assets and liabilities.
The transaction closed on April 11, 2025. J.P. Morgan Securities LLC served as financial advisor to Coherus, and Latham & Watkins LLP acted as legal counsel.
Currently, CHRS is trading at $0.93 up by 11.7 percent on the Nasdaq.
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