M&A

M&A

Intas Pharma buys “Udenyca” franchise from US-based Coherus for $558-M

Economic Times   Press   Release  

Ahmedabad-based Intas Pharmaceuticals is to acquire the “Udenyca” franchise from Redwood City, CA (USA)-based Coherus BioSciences for USD 558.4 million. ( Udenyca is a medicine used to help reduce the chance of infection due to a low white blood cell count in people with certain types of cancer.)The deal includes an upfront payment of USD 483.4 million, to be adjusted for inventory at close and USD 75.0 million in potential sales linked milestone payments. Additionally, a portion of the transaction proceeds will be used to fully repay the entirety of the seller company’s USD 230 million in existing convertible notes (due on April 2026) and USD 49.1 million to buy-out certain royalty obligations related to UDENYCA.Intas will receive identified assets related to the Udenyca franchise, including the Udenyca pre-filled syringe, the Udenyca autoinjector, and “Udenyca Onbody” and will assume identified liabilities. Post acquisition, Accord BioPharma, Inc., the U.S. specialty division of Intas Pharmaceuticals, will take the responsibility for the Udenyca franchise in the US.J.P. Morgan Securities LLC and Latham & Watkins LLP were the financial and legal advisor respectively to Coherus.