Coherus Oncology Declares Special Dividend of CVRs

What Happened
Coherus Oncology, Inc. announced on August 17, 2026 that its board declared a special dividend consisting of contingent value rights (CVRs). The CVRs will be distributed pro rata—one CVR per share—to holders of common stock of record at 5:00 p.m. Eastern Time on September 30, 2026. Each CVR entitles the holder to potential cash payments based on net cash proceeds the company actually receives from sales, licenses, royalties or other dispositions of its remaining biosimilar assets (the “Legacy BioSim Assets”). The CVR term runs from October 7, 2026 through October 7, 2028. The company has engaged an investment bank to advise on monetizing those assets.

Key Details

• Record date/time: 5:00 p.m. ET on September 30, 2026; distribution: one CVR per share outstanding on that date.
• CVR payment period: October 7, 2026 – October 7, 2028; payments based on net cash proceeds actually received by Coherus from the Legacy BioSim Assets.
• Restrictions: Company’s Loan and Security Agreement dated August 12, 2026 with Innovatus Life Sciences Lending Fund I, L.P. contains restrictions on disposition of the Legacy BioSim Assets and on CVR payments.
• Form and rights: CVRs are contractual, non-transferable except in limited cases, not certificated, not SEC-registered or exchange-listed, bear no interest, and confer no voting or dividend rights. Rights agent: Equiniti Trust Company, LLC.

Why It Matters
For shareholders, the CVRs offer a potential (but uncertain) future cash upside tied solely to monetization of Coherus’s Legacy BioSim Assets over a two-year window. CVR holders will not gain ownership, voting power, or immediate cash; any payment depends on actual proceeds and may be limited by the company’s loan agreement and other priorities. Retail investors should review the CVR Agreement, the company FAQ and the risk factors cited in Coherus’s filings to understand timing, conditions and the likelihood of any payments.