Coherus BioSciences (CHRS) said Tuesday it agreed to repurchase about $170 million of 1.5% convertible senior subordinated notes due 2026 in privately negotiated deals.
The company said that after completion of the repurchases, about $60 million principal amount of convertible notes will remain outstanding.
The repurchases are conditional on the closing of the UDENYCA franchise divestiture to Intas Pharmaceuticals, the company said.
After completing the divestiture, Coherus plans to repurchase the remaining convertible notes.
Shares of the company were up 1.7% in recent trading.
Price: 0.82, Change: +0.01, Percent Change: +1.73
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