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Coherus BioSciences, Inc. (NASDAQ:CHRS), currently trading at $0.98 with a market capitalization of $113 million, announced today that at a recent Special Meeting, shareholders approved the sale of its UDENYCA® franchise to Intas Pharmaceuticals Ltd. The vote, which took place on Monday, was a key step in finalizing the transaction outlined in the Asset Purchase Agreement dated December 2, 2024. According to InvestingPro analysis, this strategic move comes as the company faces significant cash burn challenges, with 8 more key insights available to subscribers.
On January 27, 2025, the record date for the Special Meeting, Coherus BioSciences had 115,890,186 shares of common stock outstanding. Each share was entitled to one vote. The definitive proxy statement, filed with the U.S. Securities and Exchange Commission on January 28, 2025, detailed the proposal requiring a majority approval from the voting power of all issued and outstanding common stock. The company’s stock has experienced significant pressure, down nearly 29% year-to-date and trading below its InvestingPro Fair Value.
The proposal received overwhelming support with 70,989,067 votes in favor, 968,989 against, and 621,431 abstentions. There were no broker non-votes. The affirmative votes surpassed the required majority of 57,945,094, ensuring the approval of the sale.
This strategic move involves Coherus divesting its UDENYCA® franchise to Intas, a company incorporated in India. UDENYCA® is a pegfilgrastim biosimilar used to reduce the chance of infection in patients with some tumors.
Coherus BioSciences, headquartered in Redwood (NYSE:RWT) City, California, is known for its work in the biological products industry, specifically within the sector excluding diagnostic substances. The company, previously named BioGenerics Inc., changed its name on February 10, 2011, and operates under the leadership of CEO Dennis M. Lanfear.
The approval of this transaction by the shareholders marks a significant milestone for Coherus BioSciences as it reshapes its portfolio and strategic focus. The information provided in this article is based on a press release statement.
In other recent news, Coherus BioSciences reported impressive financial results for the fourth quarter of 2024, with revenue reaching $54.1 million, surpassing the forecast of $44.15 million. The company’s earnings per share were slightly better than expected at -$0.28, compared to the anticipated -$0.30. Additionally, Coherus BioSciences’ cancer treatment, Loqtorzi, achieved significant sales growth, with a 29% increase in the fourth quarter, bringing in $7.5 million. This success contributed to an upgrade in the company’s stock rating by H.C. Wainwright, which maintained a Buy rating and a price target of $7.00.
The company is undergoing strategic changes, including the divestiture of its UDENYCA franchise, which is expected to boost its cash reserves to $250 million. Coherus BioSciences is focusing on expanding the market presence of Loqtorzi and advancing its oncology pipeline. The National Comprehensive Cancer Network’s updated guidelines have positioned Loqtorzi as the preferred regimen for treating advanced nasopharyngeal carcinoma, further reinforcing its market potential.
Coherus BioSciences is also making strides in reducing its workforce by 30% as part of its strategic transition to focus solely on oncology. The company anticipates that the full impact of the NCCN guidelines on Loqtorzi’s uptake will be realized by the latter half of 2025. As Coherus continues to execute its strategic initiatives, it remains committed to enhancing awareness of Loqtorzi among healthcare providers.
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