Coherus Oncology Retains Oppenheimer & Co. to Market Legacy BioSimilar Assets

Coherus moves to monetize its legacy biosimilar portfolio, with sale proceeds flowing to shareholders via previously declared contingent value rights.

Rhea-AI Summary

Coherus Oncology (CHRS) has begun marketing and seeking buyers for its remaining Legacy BioSim Assets and has engaged Oppenheimer & Co. as financial advisor for the sale process.

These assets include patents and other intellectual property, royalties under an existing license agreement, cell lines, and related materials such as regulatory filings, laboratory notebooks, and product samples. As previously declared, stockholders of record on September 30, 2026 will receive contingent value rights (CVRs), to be distributed on October 7, 2026, entitling them to their pro rata share of any net cash or other consideration Coherus actually receives from sales or licenses of the Legacy BioSim Assets.

Coherus describes this effort as a global process intended to benefit shareholders and continues to focus its core business on LOQTORZI and its mid-stage oncology pipeline.

Positive

• Sale process for Legacy BioSim Assets launched with Oppenheimer as financial advisor, aiming to monetize non-core biosimilar portfolio.
• CVRs to stockholders of record on September 30, 2026 provide pro rata rights to any net proceeds from asset sales or licensing.

Negative

• None.

News Explained

For shares held through brokers, CVR receipt may be affected—and may not occur if shares are rehypothecated or loaned on September 30, 2026; Coherus directs holders to their broker to confirm status and crediting.

Market Context

On Aug 17, Coherus declared CVRs tied to net proceeds from the same Legacy BioSim Assets; this annou...

Analysis

On Aug 17, Coherus declared CVRs tied to net proceeds from the same Legacy BioSim Assets; this announcement starts the previously described sale process and identifies Oppenheimer as financial advisor.

Key Figures

CVR record date: September 30, 2026 CVR distribution date: October 7, 2026

CVR record date

September 30, 2026

Stockholder-of-record date for CVR eligibility

CVR distribution date

October 7, 2026

Distribution to eligible stockholders

Historical Context

1 past event · Latest: Aug 17

1 event

1. Aug 17

   CVR dividend

   24h Move

   +16.5%

   Declared CVRs entitling holders to pro rata proceeds from Legacy BioSim asset monetization.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

contingent value rights, pro rata, rehypothecated, biosimilars

4 terms

contingent value rights financial

"declared a special dividend of contingent value rights"

Contingent value rights are special financial instruments that give their holder the potential to receive additional payments if certain future events or conditions happen, such as the achievement of specific business milestones. They are like a promise of extra rewards that depend on how well a project or company performs later on. Investors care about them because they offer a chance for extra gains but also carry uncertainty, as the extra payments are not guaranteed.

pro rata financial

"their pro rata share of any net cash proceeds"

Pro rata means dividing or distributing something proportionally based on a specific factor, such as ownership or contribution. For example, if an investor owns 10% of a company, they would receive 10% of any dividends or benefits allocated. This approach ensures everyone gets their fair share relative to their stake or input, helping investors understand how benefits, costs, or responsibilities are fairly shared.

rehypothecated financial

"where shares are rehypothecated or loaned out"

When assets or securities that a client has posted as collateral are used again by the holder (typically a broker or bank) to secure its own borrowing or to support other trades, they are rehypothecated. It matters to investors because rehypothecation increases market liquidity and can lower costs, but it also means the original owner’s assets may be exposed to the holder’s creditors if the holder becomes insolvent—like your pawned item being re‑loaned to someone else.

biosimilars technical

"the Company’s former biosimilars business"

Biosimilars are medicines made to be highly similar to an already approved biological drug produced from living cells, with no meaningful differences in safety or effectiveness. They matter to investors because they introduce lower‑cost competition to expensive biologic treatments—similar to how generic drugs compete with brand drugs—but involve more complex manufacturing, regulatory review and patent risk, which can affect market share, pricing and profit margins across the sector.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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- Oppenheimer Initiates a Robust Process with Global Reach for the Benefit of Shareholders -

REDWOOD CITY, Calif., Sept. 23, 2026 (GLOBE NEWSWIRE) -- Coherus Oncology, Inc. (NASDAQ: CHRS) today announced that it has initiated the process to market and sell the remaining assets associated with the Company’s former biosimilars business (the “Legacy BioSim Assets”). The Company has retained Oppenheimer & Co. Inc. (“Oppenheimer”) to serve as its financial advisor in connection with the sale. Parties interested in the opportunity should direct inquiries to the Oppenheimer contacts listed below.

“We are pleased to be working with a bank of Oppenheimer’s caliber to market our legacy biosimilars assets,” said Denny Lanfear, President and Chief Executive Officer of Coherus. “We are confident that this will result in a robust process with global reach to solicit interest and bids for this attractive asset package, for the benefit of our shareholders.”

As previously announced on August 17, 2026, the Company declared a special dividend of contingent value rights (each, a “CVR” and collectively, the “CVRs”), which will be distributed pro rata to stockholders of record of the Company’s common stock as of September 30, 2026 (the “Record Date”), with distribution occurring on October 7, 2026. CVR holders are entitled to receive their pro rata share of any net cash proceeds, and the net cash value of any other consideration, actually received by the Company from third parties in connection with the sale of the Legacy BioSim Assets or as licensing fees under any licensing agreement covering the Legacy BioSim Assets.

The Legacy BioSim Assets include:

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

To be eligible to receive the CVRs, an investor must be a stockholder of record of the Company’s common stock as of the Record Date. Investors should contact their brokers with any questions regarding their holder status as of the Record Date.

Further Information

The terms of the CVRs are set forth in, and the CVRs are governed by, the Contingent Value Rights Agreement by and between the Company and Equiniti Trust Company, LLC, as rights agent (the “CVR Agreement”). The Company’s stockholders are also encouraged to review the FAQ concerning the CVRs. The CVR Agreement and the FAQ were included as exhibits to the Form 8-K that the Company filed with the SEC on August 17, 2026, and are available on the Investors & Media – Shareholder Services section of the Company’s website.

Stockholders who hold their shares through a broker should note that the crediting of CVRs may be subject to the practices and procedures of such intermediary. In certain circumstances, including where shares are rehypothecated or loaned out, different mechanics may apply, and it is possible that an investor will not receive the CVRs if its shares are rehypothecated or loaned out as of the Record Date. Stockholders are encouraged to contact their broker directly for confirmation and for additional information regarding the timing and manner in which the CVRs will be reflected in their accounts.

About Coherus Oncology

Coherus Oncology is a fully integrated commercial-stage innovative oncology company with an approved next-generation programmed death receptor-1 (“PD-1”) inhibitor, LOQTORZI^® (toripalimab-tpzi), and a pipeline that includes two mid-stage clinical candidates targeting liver, prostate, head & neck, colorectal and other cancers. The Company’s strategy is to grow sales of LOQTORZI in R/M Nasopharyngeal Carcinoma while advancing the development of its two pipeline candidates in combination with LOQTORZI, and additionally through strategic partnerships. The Company has global rights to both clinical stage-candidates and plans to execute ex-U.S. licensing deals as the clinical data supports such transactions.

Coherus’ innovative oncology pipeline includes multiple antibody immunotherapy candidates focused on enhancing the innate and adaptive immune responses to enable a robust antitumor response and enhance outcomes for patients with cancer. Tagmokitug is a highly selective cytolytic anti-CCR8 antibody currently in Phase 1b/2a studies in patients with advanced solid tumors; including head and neck squamous cell carcinoma, colorectal cancer, gastric, gastro-esophageal-junction, esophageal adenocarcinoma and esophageal squamous cell carcinoma. Casdozokitug is a novel IL-27 antagonistic antibody currently being evaluated in a Phase 2 study in patients with first-line hepatocellular carcinoma.

For more information about LOQTORZI, including the U.S. Prescribing Information and important safety information, please visit www.loqtorzi.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated distribution of the CVRs, the expected record date and distribution date, the proposed process to market and sell the Legacy BioSim Assets, the timing and outcome of that process, and the value, timing, and amount, if any, of proceeds that may become distributable to CVR holders. These statements are based on Coherus’ current expectations and involve substantial risks and uncertainties that could cause actual results to differ materially, including the risk that no sale or licensing transaction involving the Legacy BioSim Assets is consummated, that any transaction that is consummated is on terms less favorable than anticipated, and that CVR holders may receive little or no payment under the CVRs. These and other risks are described in Coherus’ filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Coherus undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Oppenheimer Contact Information:
Stefan Loren, Ph.D.
Managing Director — Oppenheimer & Co. Inc.
Stefan.Loren@opco.com

Arif Sheikh
Managing Director — Oppenheimer & Co. Inc.
Arif.Sheikh@opco.com

Coherus Contact Information:
For Investors & Media:
Carrie Graham
Vice President, Investor Relations and Advocacy
IR@coherus.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What exactly are the Legacy BioSim Assets that Coherus is marketing?

The Legacy BioSim Assets consist of patents and other intellectual property, royalties under an existing license agreement, cell lines, and related materials, including laboratory notebooks, regulatory filings, and product samples.

How do the contingent value rights (CVRs) work for Coherus shareholders?

Each CVR entitles its holder to a pro rata share of any net cash proceeds, and the net cash value of any other consideration, that Coherus actually receives from third parties in connection with the sale of the Legacy BioSim Assets or from licensing fees under any licensing agreement covering those assets.

Who is eligible to receive the CVRs tied to Coherus’ Legacy BioSim Assets?

To be eligible, an investor must be a stockholder of record of Coherus common stock as of the September 30, 2026 Record Date. The CVRs are scheduled to be distributed on October 7, 2026. Investors are advised to contact their brokers with any questions about their holder status as of the Record Date.

Are there situations where a shareholder might not receive CVRs even if they own Coherus shares?

Yes. Stockholders holding shares through a broker should note that crediting of CVRs may depend on the intermediary’s practices and procedures. Where shares are rehypothecated or loaned out as of the Record Date, different mechanics may apply, and it is possible an investor will not receive CVRs. Stockholders are encouraged to contact their broker directly for confirmation and information on how CVRs will be reflected in their accounts.

Where can investors find the detailed terms governing the CVRs?

The CVRs are governed by the Contingent Value Rights Agreement between Coherus and Equiniti Trust Company, LLC as rights agent. The CVR Agreement and an investor FAQ were filed as exhibits to Coherus’ Form 8-K dated August 17, 2026 and are available in the Investors & Media – Shareholder Services section of the company’s website.

What is Coherus Oncology’s ongoing business focus after divesting its biosimilar assets?

Coherus describes itself as a fully integrated commercial-stage oncology company focused on LOQTORZI (toripalimab-tpzi), an approved PD-1 inhibitor, and a pipeline of two mid-stage clinical candidates targeting multiple cancers, including liver, prostate, head and neck, and colorectal cancers. The strategy is to grow LOQTORZI sales in recurrent/metastatic nasopharyngeal carcinoma and advance pipeline candidates in combination with LOQTORZI, including through strategic ex-U.S. licensing deals as clinical data support such transactions.