07:47 AM EST, 12/03/2024 (MT Newswires) -- Coherus BioSciences ( CHRS ) said Tuesday that it has agreed to divest its biosimilar drug Udenyca, which is based on Amgen's ( AMGN ) Neulasta, to Intas Pharmaceuticals for up to $558.4 million.

The company said the transaction includes an upfront payment of $483.4 million, as well as $75 million in potential net sales milestone payments.

Coherus said it plans to use a portion of the proceeds to fully repay its $230 million convertible notes due in April 2026, as well as to settle $49.1 million in Udenyca royalty obligations.

The deal is expected to be completed by the end of Q1.