Coherus Biosciences Announces Special Dividend and Biosimilar Business Sale

Coherus Biosciences Inc. (NASDAQ: CHRS) announced on August 17, 2026 the issuance of a special dividend in the form of Contingent Value Rights (CVRs). Simultaneously, the company announced it would immediately initiate a sales process for its existing biosimilar assets.

Special Dividend and Strategic Realignment

The Contingent Value Rights are linked to the company's biosimilar division. A CVR is a financial instrument that assures shareholders future payments under certain conditions – in this case, dependent on the proceeds from the sale of biosimilar assets. With the announcement of the sales process, Coherus signals a focus on the oncology business, which operates under the name Coherus Oncology.

The decision came a few days after the presentation of quarterly results for the second quarter of 2026. The company presented its financial results on August 5, 2026 during an earnings call.

Analyst Ratings and Price Target

Guggenheim analyst Paul Jeng adjusted his rating for Coherus Oncology on August 7, 2026. He lowered the price target from $12 to $10, while reaffirming the buy rating. The adjustment came two days after the quarterly presentation.

An analysis from SeekingAlpha on August 19, 2026 rates the stock as 'Hold'. The assessment points to several important data catalysts in the second half of 2026 for the drugs Tagmokitug and Casdozokitug. A further catalyst in the area of hepatocellular carcinoma (HCC) is expected for the fourth quarter of 2026. The analysis also cites liquidity and dilution risks as factors.

Pipeline Development in Oncology

Coherus Oncology focuses on the development of cancer drugs. Tagmokitug and Casdozokitug are in clinical development. Hepatocellular carcinoma refers to the most common form of primary liver cancer. The expected data releases in the second half of 2026 are likely to be decisive for assessing pipeline prospects.

The separation from the biosimilar business – biosimilars are copycat products of already-approved biologics – could provide the company with additional financial resources for further developing its oncology pipeline. The CVR structure allows shareholders to participate in potential sale proceeds, while management focuses on the development of its own drugs.