Coherus BioSciences, Inc. announced that it has entered into an agreement with Pharmakon Advisors, LP to revise the terms of its loan agreement entered in January 2022. Following the closing of the previously announced divestiture of the ophthalmology franchise to Sandoz, Coherus plans to prepay $175 million of $250 million principal balance in Second Quarter 2024, leaving a residual balance of $75 million and reducing projected annual interest payments by about 70%. Pursuant to and subject to terms and conditions in the Consent and Amendment, among other things: the Lenders and the Collateral Agent provided consent to consummation of the transactions contemplated by that certain Purchase and Sale Agreement dated as of January 19, 2024 (the Purchase Agreement) by and between the Company and Sandoz Inc. and released certain subsidiary of the Company from its obligation and certain assets subject to the transactions contemplated thereby, the Lenders and the Collateral Agent permitted the Company to make a partial prepayment of the principal of the loans outstanding under the Existing Loan Agreement in the amount of $175,000,000 upon consummation of the transactions contemplated by the Purchase Agreement, subject to certain conditions and the parties thereto agreed to adjust the minimum net sales covenant level under the Existing Loan Agreement.

Other terms of the Existing Loan Agreement, as amended by the Consent and Amendment, remain generally identical to those under the Existing Loan Agreement.