Coherus Oncology Raises $50.1M in 28.6M-Share Offering with Overallotment Option
Coherus Oncology closed an underwritten offering of 28.6 million shares at $1.75, raising $50.1 million gross and granting underwriters a 30-day option to purchase 4.29 million additional shares. Net proceeds will support LOQTORZI® commercialization, fund clinical development of pipeline candidates, and bolster general corporate operations following an 80% debt reduction.
1. Public Offering Details
Coherus Oncology completed an underwritten public offering of 28.6 million common shares at $1.75 per share, generating $50.1 million in gross proceeds. The company also granted underwriters a 30-day option to purchase up to 4.29 million additional shares at the same price to cover over-allotments.
2. Use of Proceeds
Coherus intends to deploy net proceeds to accelerate the commercialization of LOQTORZI® (toripalimab-tpzi), advance clinical-stage oncology candidates through mid-stage trials, and provide working capital for general corporate purposes. These funds aim to support expanding commercial efforts and prepare for upcoming data readouts across multiple cancer indications.
3. Financial Position and Strategic Impact
Over the past two years, Coherus reduced its debt by more than 80% and shifted focus from biosimilars to innovative oncology. This financing bolsters the company’s capitalization table, enhances its balance sheet strength and underpins its strategy to drive market penetration and revenue growth in its next-generation PD-1 inhibitor business.