REDWOOD CITY, CA - Coherus BioSciences, Inc. (NASDAQ:CHRS) announced the impending departure of board member Kimberly J. Tzoumakas. The resignation, effective December 31, 2024, was not due to any disagreement with the company's operations, policies, or practices, as confirmed in a recent 8-K filing with the Securities and Exchange Commission.
Tzoumakas, whose contributions to Coherus BioSciences have been acknowledged by the company, will step down from her role at the end of the year. The biopharmaceutical company, based in Redwood (NYSE:RWT) City, California, specializes in biological products and has generated revenue of $304 million in the last twelve months, with a notable gross profit margin of 45%.
The filing did not specify a reason for Tzoumakas's resignation, nor did it mention any immediate plans for her replacement on the board. The company's CEO, Dennis M. Lanfear, expressed gratitude for Tzoumakas's service and contributions during her tenure. According to InvestingPro data, the company faces challenges with significant debt and rapid cash burn, which may influence its strategic decisions moving forward.
The announcement comes as part of a standard disclosure to investors and the public, ensuring transparency in the company's governance changes. Coherus BioSciences has not made any additional statements regarding the impact of Tzoumakas's departure on the company's strategic direction or operations.
Investors and stakeholders are advised to refer to the SEC filing for the official record of this corporate governance update. The information provided is based on the press release statement and remains subject to further details that Coherus BioSciences may provide in the future.
In other recent news, Coherus Biosciences (NASDAQ:CHRS) has made significant strides in its financial and operational developments. The company has entered into a substantial agreement with Intas Pharmaceuticals, divesting its Udenyca franchise for up to $558.4 million.
This includes an upfront cash payment of $483.4 million and additional milestone payments tied to net sales. Analysts from Citi and H.C. Wainwright have maintained Buy ratings for Coherus Biosciences, with H.C. Wainwright adjusting its price target to $7.00 from $12.00.
The divestiture of the Udenyca franchise aligns with Coherus' strategic decision to focus on its immuno-oncology programs, particularly the drug Loqtorzi. The divestiture will enable Coherus to repay its convertible notes due in 2026, totaling $230 million, and eliminate certain royalty obligations associated with Udenyca. Despite a negative EBITDA of -$116.92 million in the last twelve months, the company has demonstrated strong revenue growth of 44.19%.
Coherus Biosciences is also planning to intensify educational initiatives to expedite the adoption of Loqtorzi in the market and is actively working to establish additional external partnerships. These are recent developments for Coherus Biosciences, and the company is expected to update its financial projections for Q4 2024 sales and Q1 2025 cash in early January 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.