Coherus Announces Repurchase of Approximately $170 Million of Convertible Notes

Core Viewpoint - Coherus BioSciences is repurchasing approximately $170 million of its outstanding 1.500% Convertible Senior Subordinated Notes due 2026, contingent upon the closing of the divestiture of its UDENYCA franchise to Intas Pharmaceuticals [1][2][4] Group 1: Repurchase Details - The repurchase will occur at a cash price equal to 100% of the principal amount plus accrued interest [1] - After the repurchase, approximately $60 million of Convertible Notes will remain outstanding, which the company plans to repurchase following the divestiture [3] - The majority of the holders of the Convertible Notes have consented to amendments in the Indenture to facilitate the divestiture transaction [4] Group 2: Company Overview - Coherus BioSciences is a commercial-stage oncology company with an approved PD-1 inhibitor, LOQTORZI, and a promising pipeline targeting various cancers [5][6] - The company is focused on enhancing immune responses through its immuno-oncology pipeline, which includes multiple antibody candidates [6] - Coherus markets LOQTORZI and UDENYCA, with the latter being a biosimilar of Neulasta, and plans to close the divestiture transaction in early Q2 2025 [7]