Coherus BioSciences inks $558.4M deal with Intas Pharmaceuticals; shares rally

Shares of Coherus BioSciences surged in premarket trading following the announcement of a deal to sell its Udencya franchise to Intas Pharmaceuticals. The agreement, valued at up to $558.4 million, includes an initial cash payment of $483.4 million to Coherus, along with two additional milestone payments tied to net sales, each worth $75 million.

Coherus has outlined its intention to allocate a portion of the proceeds from this transaction to clear its financial obligations. Specifically, the company plans to repay the full amount of its convertible notes, which total $230.0 million and are due in April 2026. Additionally, Coherus will utilize $49.1 million to eliminate certain royalty obligations associated with Udencya.

Looking ahead, Coherus is preparing to update its financial projections. The company anticipates providing revised figures for Q4 2024 sales and Q1 2025 cash in early January 2025.

Despite this future update, Coherus has indicated that its current post-close cash projections are sufficient to maintain operations for over two years. This timeline extends beyond significant expected data readouts slated for 2026.

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Source: Investing.com