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

Reuters

2024/12/03

** 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;))

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20:47</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BUZZ-Coherus Bio jumps on deal to divest biosimilar of Amgen's Neulasta</title></head><body><p>** Shares of Coherus BioSciences <span>CHRS.O</span> jump 20% to $1.64 premarket</p><p>** 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</p><p>** Udenyca is the copycat version to Amgen Inc's <span>AMGN.O</span>  infection-fighting treatment Neulasta</p><p>** CHRS plans to focus on its approved cancer treatment Loqtorzi </p><p>** 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</p><p>** Up to last close, CHRS down ~59% YTD</p><p> (Reporting by Mariam Sunny in Bengaluru)</p><p> 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