---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-168448"
form_type: "8-K"
ticker: "CHRS"
cik: "0001512762"
company_name: "Coherus Oncology, Inc."
filed_at: "2023-06-16T23:59:59+00:00"
generated_at: "2026-06-13T22:35:12.018393+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.78
calibrated_materiality_score: 0.78
confidence: "high"
source: SEC EDGAR
---

# Coherus to acquire Surface Oncology for upfront stock worth ~$40M+ net cash plus CVRs

## Summary
- Upfront consideration: Coherus stock valued using $5.2831/share based on $40M plus Surface's net cash (min $19.6M).
- Each Surface share also receives one CVR for 70% of milestones/royalties from GSK and Novartis partnerships.
- CVRs also include 25% of upfront payments for SRF114 and 50% for SRF388 out-licensing, less development costs.
- Closing conditions: Surface stockholder approval, net cash ≥$19.6M, S-4 effectiveness, and no material adverse effect.
- Termination fee of ~$2M payable by Surface if it accepts a superior proposal or breaches non-solicitation.

## SEC filing metadata
- accession: 0001193125-23-168448
- form_type: 8-K
- ticker: CHRS
- cik: 0001512762
- company_name: Coherus Oncology, Inc.
- filed_at: 2023-06-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.78
- calibrated_materiality_score: 0.78
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1512762/000119312523168448/0001193125-23-168448-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1512762/000119312523168448/d523169d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-168448
- JSON: https://secwatch.observer/filing/0001193125-23-168448.json
- Plain text: https://secwatch.observer/filing/0001193125-23-168448.txt

## Key facts
- Material Agreements
  Coherus Oncology, Inc. entered into Agreement and Plan of Merger with Surface Oncology, Inc. (effective 2023-06-15).
  - Action: entry
  - Agreement: merger
  - Counterparty: Surface Oncology, Inc.
  - Effective: 2023-06-15
  source text: On June 15, 2023, Coherus BioSciences, Inc., a Delaware corporation (the “ Company ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) by and among the Company, Crimson Merger Sub I, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“ Merger Sub I ”), Crimson Merger Sub II, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (“ Merger Sub II ” and together with Merger Sub I, the “ Merger Subs ”), and Surface Oncology, Inc., a Delaware corporation (“ Surface ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1512762/000119312523168448/0001193125-23-168448-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.