On June 27, 2024 Coherus BioSciences, Inc. (Coherus, Nasdaq: CHRS) reported it agreed to divest YUSIMRY (adalimumab-aqvh) to Hong Kong King-Friend Industrial Co. Ltd. (HKF) for up-front all-cash consideration of $40 million (Press release, Coherus Biosciences, JUN 27, 2024, View Source [SID1234644568]). The closing of the transaction occurred on June 26, 2024. Meitheal Pharmaceuticals, Inc. (Meitheal), a wholly owned subsidiary of HKF, will continue to commercialize YUSIMRY in the U.S.

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"With the divesture of YUSIMRY, Coherus reinforces its strategic focus on oncology," said Denny Lanfear, Coherus Chairman and Chief Executive Officer. "The proceeds from the sale of YUSIMRY will bolster our cash position, advance our efforts to become a sustainable and growing oncology company and efficiently allocate our resources for maximum value creation."

Coherus’ oncology assets include LOQTORZI (toripalimab-tpzi), an FDA-approved, next-generation PD-1 inhibitor, the UDENYCA (pegfilgrastim-cbqv) franchise, with three FDA-approved presentations; and an innovative clinical-stage, immuno-oncology portfolio focused on the tumor microenvironment.

Latham & Watkins LLP provided Coherus with legal counsel regarding the transaction.