Coherus Bio jumps on deal to divest biosimilar of Amgen's Neulasta

Coherus Oncology

03/12/2024 12:47

** Shares of Coherus BioSciences  CHRS.O  jump 20% to $1.64
premarket
    ** Co to divest its biosimilar Udenyca in a deal with
India's Intas Pharmaceuticals for up to $558.4 million,
including an upfront payment of $483.4 million
    ** Udenyca is the copycat version to Amgen Inc's  AMGN.O  
infection-fighting treatment Neulasta
    ** CHRS plans to focus on its approved cancer treatment
Loqtorzi 
    ** CHRS plans to use proceeds from the deal to fund
development of combination therapies with Loqtorzi and repay the
company's $230.0 million in existing convertible notes due April
2026
    ** Up to last close, CHRS down ~59% YTD

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))