Coherus Oncology, Inc. (NASDAQ:CHRS) ("Coherus", "Coherus Oncology" or the "Company") today announced a special dividend of contingent value rights (each, a "CVR" and collectively, the "CVRs"), which will be distributed on a pro rata basis to stockholders of record of the Company’s common stock as of 5:00 p.m., New York City time, on September 30, 2026 (the "Record Date"). The distribution date for the CVRs (the "Distribution Date") will be October 7, 2026.

"We believe now is the right time to divest our remaining biosimilar assets and complete our transformation into a focused, innovative oncology company," said Denny Lanfear, President & Chief Executive Officer of Coherus Oncology. "We believe the assets underpinning this CVR, comprising biosimilars patents, intellectual property, a royalty stream, cell lines and other materials, would be an attractive bolt on for an existing biosimilars company or serve as a solid foundation for a new entrant into biosimilars. This is particularly true as draft FDA guidance would no longer require comparative clinical efficacy trials or switching studies for biosimilar approvals. We view this CVR dividend as a disciplined and shareholder-focused approach that seeks to unlock value from assets that are no longer central to our strategy, while we enhance our focus on increasing shareholder value through innovative oncology."

CVR Terms

The CVRs will provide the Company’s stockholders with the opportunity to receive any future cash payments based on the net cash proceeds that the Company receives from the sale or other monetization of certain assets associated with the Company’s former biosimilars business (the "Legacy BioSim Assets") and from the sale of any non-cash consideration that the Company receives from such sales or other monetizations.

The Legacy BioSim Assets include:

  • Patents and intellectual property
  • Royalties under an existing license agreement
  • Cell lines
  • Related materials such as laboratory notebooks, regulatory filings, and product samples.

Pursuant to the terms and conditions set forth in a contingent value rights agreement entered into between the Company and Equiniti Trust Company, LLC, which will be included as an exhibit to the Form 8-K that the Company intends to file with the U.S. Securities and Exchange Commission (the "SEC") on August 17, 2026, holders of the CVRs will be entitled to receive their pro rata share of any net cash proceeds, and the net cash proceeds from the sale of other non-cash consideration, actually received by the Company from third parties in consideration for the sale of the Legacy BioSim Assets or as licensing fees under any licensing agreement for the Legacy BioSim Assets. The Company intends to immediately commence a sale process for the Legacy BioSim Assets and has retained an investment bank as a capital markets advisor to assist the Company in this regard.