Coherus BioSciences announced the completion of its previously announced divestiture of the UDENYCA (pegfilgrastim-cbqv) franchise to Intas Pharmaceuticals in a transaction valued at up to $558.4 million. The deal, which closed on April 11, 2025, marks a significant strategic shift for Coherus as it transforms into a focused oncology company.
Under the terms of the agreement, Coherus received an upfront cash payment of $483.4 million, including $118.4 million for UDENYCA inventory. The company remains eligible to receive two additional milestone payments totaling $75 million if Intas meets specified UDENYCA sales thresholds.
Strategic Transformation to Oncology Focus
The transaction provides Coherus with approximately $250 million in post-close cash, extending its runway over two years into 2027. This financial cushion will fund the company's pipeline development through key data milestones expected in 2026.
"With strong strategic execution, we have transformed the company while dramatically reducing our debt and leaving $250 million on the post-close balance sheet," said Denny Lanfear, Coherus Chairman and Chief Executive Officer. "This provides ample runway to achieve our mid-term corporate objectives, including maximizing LOQTORZI revenues, advancing our novel immuno-oncology candidates in combination with LOQTORZI to key data milestones in 2026, and progressing label expanding indications for LOQTORZI in novel combinations."
Lanfear emphasized the company's new identity: "Coherus is now an innovative, revenue-generating oncology company with a strong balance sheet, and a promising mid-stage pipeline focused on unmet needs."
UDENYCA Assets Transfer to Intas
As part of the transaction, Intas received all identified assets related to the UDENYCA franchise, including the UDENYCA pre-filled syringe, the UDENYCA autoinjector, and UDENYCA ONBODY. Accord BioPharma, the U.S. specialty division of Intas Pharmaceuticals focused on oncology, immunology, and critical care therapies, has assumed full responsibility for the UDENYCA franchise in the U.S.
Coherus' Oncology Pipeline
Following this divestiture, Coherus will focus exclusively on its innovative oncology programs, which include:
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LOQTORZI (toripalimab-tpzi): A revenue-generating, next-generation PD-1 inhibitor currently approved for nasopharyngeal carcinoma. The company plans to grow sales in this indication while advancing development for additional indications.
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Casdozokitug: A first-in-class interleukin-27 (IL-27) antagonistic antibody currently being evaluated in multiple Phase 1/2 and Phase 2 studies for advanced solid tumors, including non-small cell lung cancer and hepatocellular carcinoma.
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CHS-114: A highly selective cytolytic anti-CCR8 (chemokine receptor 8) antibody currently in Phase 1 studies for patients with advanced solid tumors, including head and neck squamous cell carcinoma and gastric cancer.
The company's strategy involves growing LOQTORZI sales while advancing development of new indications in combination with both its pipeline candidates and partners' therapies, driving sales multiples and synergies from proprietary combinations.
Financial and Strategic Implications
J.P. Morgan Securities LLC served as Coherus' financial advisor for the transaction, with Latham & Watkins LLP acting as legal counsel.
The divestiture represents a significant strategic pivot for Coherus, allowing the company to focus its resources on higher-value oncology assets while maintaining a strong financial position. The transaction has substantially reduced the company's debt burden while providing capital to advance its oncology pipeline through critical development milestones.
With the completion of this transaction, Coherus has effectively transformed from a biosimilar-focused company to a specialized oncology player with both commercial and development-stage assets targeting significant unmet needs in cancer treatment.
The company's focus will now be on maximizing the commercial potential of LOQTORZI while advancing its pipeline candidates through clinical development, with key data readouts anticipated in 2026 that could further validate its oncology-focused strategy.
