Coherus BioSciences (CHRS) said Tuesday that it has agreed to divest its biosimilar drug Udenyca, which is based on Amgen's (AMGN) Neulasta, to Intas Pharmaceuticals for up to $558.4 million.
The company said the transaction includes an upfront payment of $483.4 million, as well as $75 million in potential net sales milestone payments.
Coherus said it plans to use a portion of the proceeds to fully repay its $230 million convertible notes due in April 2026, as well as to settle $49.1 million in Udenyca royalty obligations.
The deal is expected to be completed by the end of Q1.
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