Coherus BioSciences, Inc. (CHRS) Tuesday said it has agreed to buy back about $170 million of its 1.500% convertible senior subordinated notes due 2026 at its principal plus interest amount.
The buyback is conditioned upon the closing of the previously announced sale of the UDENYCA franchise following an agreement with Intas Pharmaceuticals Ltd.
The company also intends to repurchase the remaining notes after the closing of the buyback of about $60 million.
Additionally, Coherus said that the note holders party to the repurchases have agreed to provide their consent to adopt certain proposed amendments to the indenture.
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