Coherus BioSciences, Inc. announced the repurchase of approximately $170 million of its 1.500% Convertible Senior Subordinated Notes due 2026 through privately negotiated transactions. This action significantly reduces the company's outstanding debt and improves its capital structure.
The repurchase was facilitated by proceeds from the company's ongoing strategic transformation, which includes the divestiture of its biosimilar assets. Coherus anticipates repurchasing the remaining $60 million of outstanding convertible notes following the close of the pending UDENYCA divestiture.
This financial move underscores Coherus's commitment to strengthening its balance sheet and allocating capital towards its innovative immuno-oncology pipeline. The reduction in debt provides greater financial flexibility as the company focuses exclusively on cancer therapeutics.
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