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
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.