Latham & Watkins Advises Coherus BioSciences in US$558.4 Million Divesture of UDENYCA Franchise to Intas Pharmaceuticals
Coherus BioSciences, Inc. (NASDAQ: CHRS) announced that it has entered into an asset purchase agreement dated December 2, 2024, with Intas Pharmaceuticals Ltd. for the divestiture of the UDENYCA (pegfilgrastim-cbqv) franchise for up to US$558.4 million. This includes an upfront payment of US$483.4 million, to be adjusted for inventory at close, and US$75.0 million in potential net sales milestone payments. Coherus plans to use a portion of the transaction proceeds to fully repay the entirety of the Company’s US$230.0 million in existing convertible notes due April 2026 and US$49.1 million to buy out certain royalty obligations related to UDENYCA. The transaction is expected to close by the end of Q1 2025, subject to customary closing conditions.
Latham & Watkins LLP represents Coherus in the transaction with a corporate deal team led by Bay Area partners Josh Dubofsky and Benjamin Potter, with associates Danny Nordstrom, Avery Brust, Rachelle Polsky, and Tim Plummer. Advice was also provided on public company representation matters by Orange County partner Drew Capurro, with associate Kennedy Holmes; on tax matters by Bay Area partner Grace Lee, with associate Gregory Conyers; on intellectual property matters by San Diego/Bay Area partner Chris Hazuka, with associates Mizuna Sekine and Patrick Chew; on healthcare regulatory matters by Washington, D.C. partner Chris Schott and Bay Area partner Betty Pang; on FDA regulatory matters by Washington, D.C. counsel Chad Jennings; on data privacy/HIPAA matters by Bay Area partner Heather Deixler; on compensation and benefits matters by Bay Area partner Jay Metz; on debt finance matters by New York/Los Angeles partner Greg Rodgers and Bay Area partner Dan Van Fleet, with associate Rychelle Andersen; on antitrust matters by Bay Area partner Joshua Holian and Washington, D.C. partner Patrick English, with associate Hanna Nunez Tse; on CFIUS matters by Washington, D.C. partner Les Carnegie and Washington, D.C. counsel Catherine Hein, with associate Asia Cadet; and on litigation matters by New York/Los Angeles partner Steve Feldman.