Coherus Oncology, Inc. (CHRS): M&A transaction — Coherus completes acquisition of Surface Oncology for ~$66.9M in stock and CVRs

Coherus Oncology, Inc.

Coherus issued 0.1960 shares per Surface share for total consideration of ~$66.9M ($40M + 26.9M net cash).
Surface shareholders received CVRs for 70% of milestone/royalty value from Novartis and GSK programs, and 25-50% of future ex-US licensing payments for CHS-114 and casdozokitug.
Acquired pipeline: toripalimab (anti-PD-1 under BLA review), casdozokitug (IL-27 antibody Phase 2), CHS-114 (CCR8 antibody Phase 1/2), CHS-006 (TIGIT antibody Phase 1/2).
Surface common stock delisted from Nasdaq Capital Market effective September 8, 2023.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Coherus Oncology, Inc. completed an acquisition involving Surface Oncology, Inc. for approximately $66.9 million (closed 2023-09-08).

Action: acquisition
Counterparty: Surface Oncology, Inc.
Consideration: approximately $66.9 million
Closing: 2023-09-08

Exact text from the filing

Surface employee equity awards (which exchange ratio was calculated based on a $5.2831 per share price of Coherus common stock) for a total value equal to approximately $66.9 million, the sum of $40 million plus Surface’s net cash at closing of the transaction of $26.9 million. Surface shareholders also received contingent value rights (CVRs) for 70% of

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Source: SEC EDGAR

accession 0001558370-23-015582

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This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.