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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.