Coherus BioSciences, Inc. announced that it has entered into a loan agreement with investment funds managed by Pharmakon Advisors, LP. credit facility provides Coherus with up to $300 million committed across four tranches, subject to the terms and conditions of the loan agreement: The first tranche of $100 million was drawn in connection with the close of the transaction, and $81.9 million was used for the simultaneous repayment of the full balance outstanding of Coherus' previous term loan with HealthCare Royalty Partners. Coherus will draw a second tranche of $100 million no later than April 1, 2022, subject to certain conditions including the conversion, repayment, repurchase or redemption of the Company's 8.2% Senior Convertible Notes due March 2022.

A third tranche of $50 million will become available subject to certain conditions including approval by the U.S. Food and Drug Administration (FDA) of the biologics license application (BLA) for Coherus' PD-1 inhibitor, toripalimab, for nasopharyngeal carcinoma, currently under priority review with a target action date in April 2022. A fourth tranche of $50 million will become available subject to certain conditions including approval by the FDA of the BLA for CHS-201, a Lucentis® (ranibizumab) biosimilar candidate, currently under review with a target action date of August 2022.