Coherus to Sell UDENYCA® Franchise to Intas Pharmaceuticals for up to $558 Million

Coherus BioSciences has announced a strategic move to divest its UDENYCA (pegfilgrastim-cbqv) franchise to Intas Pharmaceuticals Ltd. This deal, valued at up to $558.4 million, includes an upfront payment of $483.4 million and potential sales milestone payments of $75.0 million. The transaction proceeds will be used to fully repay $230 million in convertible notes due April 2026, as well as to buy out certain royalty obligations related to UDENYCA.

Denny Lanfear, Chairman and CEO of Coherus, emphasized that this divestiture aligns with the company's strategy to focus on its innovative immuno-oncology programs. These programs include LOQTORZI®, an FDA-approved PD-1 inhibitor with growing sales, especially for the treatment of nasopharyngeal carcinoma (NPC). The move is aimed at accelerating the development of Coherus's immuno-oncology pipeline, which includes promising combination therapies with LOQTORZI.

Under the terms of the agreement, Coherus will receive an upfront cash payment subject to closing adjustments for inventory valuation, and two milestone payments totaling $75 million. Intas will gain the UDENYCA franchise assets and assume identified liabilities. Intas’s U.S. division, Accord BioPharma, will take over the UDENYCA franchise following the transaction's closure, which is expected by the end of the first quarter of 2025.

The Coherus Board of Directors has unanimously recommended that shareholders vote in favor of the divestiture. The closing of the transaction is contingent on customary conditions, including shareholder approval and regulatory clearances.

Financially, Coherus plans to use tax attributes to offset most of the federal income taxes resulting from the divestiture. The company also intends to use the proceeds to fully repay its $230 million in convertible notes and to buy out a $49.1 million royalty obligation related to UDENYCA. These actions are expected to result in significant annual cost savings and improved capital structure.

Coherus will continue focusing on its innovative immuno-oncology portfolio, especially the next-generation PD-1 inhibitor, LOQTORZI. The company plans to expand the applications of LOQTORZI through internal pipeline developments and external partnerships, aiming to enhance its market presence and therapeutic offerings.

In addition to LOQTORZI, Coherus is advancing other key immuno-oncology assets. Casdozokitug, an IL-27 antagonist, has shown promising monotherapy activity in refractory lung and renal cancers and combination activity in liver cancer. The company plans to initiate Phase 2 trials and announce final data for various cancer treatments involving casdozokitug in the coming year.

Another promising asset is CHS-114, a CCR8 antibody that targets tumor regulatory T cells. Phase 1 trials have established its safety and mechanism, and Coherus plans to initiate further combination studies with toripalimab in head and neck, and gastric cancers next year, with data readouts expected by mid-2026.

J.P. Morgan Securities LLC is serving as Coherus’s financial advisor, and Latham & Watkins LLP is the legal counsel for the transaction.

Coherus BioSciences is committed to advancing immunotherapies to extend cancer patient survival. The company’s pipeline includes multiple antibody immunotherapy candidates aimed at enhancing antitumor immune responses. With the divestiture of UDENYCA, Coherus aims to focus resources on its innovative cancer treatment programs, driving growth and value for both patients and shareholders.