Coherus Completes Divestiture of Ophthalmology Franchise

– Upfront cash payment of $170 million strengthens capital structure –

– Transaction solidifies Coherus’ strategic focus in oncology –

REDWOOD CITY, Calif., March 04, 2024 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (NASDAQ: CHRS) today announced the completion of the previously announced divestiture of its CIMERLI (ranibizumab-eqrn) ophthalmology franchise through the sale of its subsidiary, Coherus Ophthalmology LLC, to Sandoz, Inc. for upfront all-cash consideration of $170 million. This divestiture included Coherus’ CIMERLI biologics license application, ophthalmology sales and select field reimbursement teams, and access to proprietary commercial software.

“This transaction sharpens the focus of our business as we advance our novel immuno-oncology pipeline and continue the launch of LOQTORZI in nasopharyngeal carcinoma and UDENYCA ONBODY,” said Denny Lanfear, Chairman and Chief Executive Officer of Coherus. “Completion of this transaction allows us to pay down debt, reduce interest costs, reduce headcount and overhead costs, thereby significantly advancing our efforts to become a sustainable and growing oncology business.”

Coherus’ oncology assets include the UDENYCA (pegfilgrastim-cbqv) franchise, with three FDA-approved presentations; LOQTORZI (toripalimab-tpzi), an FDA-approved, next-generation PD-1 inhibitor; and a diversified immuno-oncology pipeline with drug candidates with distinctive targets designed to inhibit immune suppressive mechanisms in the tumor microenvironment.

Coherus received upfront, all-cash consideration of $170 million plus certain purchase price adjustments, which will be finalized following the closing pursuant to the agreement between Coherus and Sandoz.

Advisors
J.P. Morgan Securities LLC acted as the Company’s financial advisor, and Latham & Watkins LLP acted as legal counsel to Coherus in connection with the transaction.

About Coherus BioSciences
Coherus is a commercial-stage biopharmaceutical company focused on the research, development and commercialization of innovative immunotherapies to treat cancer. Coherus is developing an innovative immuno-oncology pipeline of tumor microenvironment agents with the potential to achieve a step change in patient survival and benefit.

Coherus’ immuno-oncology pipeline includes multiple antibody immunotherapy candidates focused on enhancing the innate and adaptive immune responses to enable a robust immunologic response and enhance outcomes for patients with cancer. Casdozokitug is a novel anti-IL-27 antibody currently being evaluated in two ongoing clinical studies: a Phase 1/2 study in advanced solid tumors and a Phase 2 study in hepatocellular carcinoma. CHS-114 is a highly selective, competitively positioned, ADCC-enhanced anti-CCR8 antibody currently in a Phase 1/2 study as a monotherapy in patients with advanced solid tumors. CHS-1000 is a preclinical candidate targeting immune-suppressive mechanisms via the novel pathway ILT4 with an IND filing planned in the first half of 2024.