Coherus BioSciences Signs $558.4 Million Deal with Intas Pharmaceuticals; Stocks on the Rise

Coherus BioSciences' stocks rose in pre-market 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 and two additional milestone payments of $75 million each, contingent on net sales.
Coherus stated its intention to use a portion of the proceeds from this transaction to clear financial obligations. Specifically, the company plans to repay all of its $230.0 million convertible notes, which are due in April 2026. Additionally, Coherus will use $49.1 million to eliminate certain royalty obligations associated with Udencya.
Looking ahead, Coherus is preparing to update its financial projections. The company expects to provide revised figures for Q4 2024 sales and Q1 2025 cash position in early January 2025.
Despite this upcoming update, Coherus noted that the current post-closure cash projections are sufficient to sustain operations for more than two years, extending beyond the expected major data releases for 2026.