Coherus Oncology refinances debt with new $55 million term loan
Coherus signed a new senior secured term loan facility on August 12, 2026, and used the proceeds to repay and terminate its prior loan agreement.
Coherus Oncology, Inc. entered into a new financing arrangement on August 12, 2026, when the company and certain of its wholly owned subsidiaries signed a Loan and Security Agreement with Innovatus Life Sciences Lending Fund I, LP as collateral agent, along with other participating lenders. Under the agreement, the lenders committed to a $55,000,000 senior secured term loan, called the Tranche A Term Loan, maturing in August 2031.1
The company said the refinancing offers several advantages. Coherus said extending its debt maturity beyond the expected launch timing for its pipeline products was the primary benefit, along with added financial flexibility from the modest increase in facility size and a lower interest rate compared to the prior loan.1
On the terms, the new loan carries a floating annual interest rate of 4.15% plus the greater of the Prime Rate or 6.75%.1 Borrowers get interest-only payments for the first 36 months, which can extend to 48 months if certain revenue and market capitalization targets are met before the 36-month mark.1
Coherus also has the option, without obligation, to draw two additional tranches of $25,000,000 and $20,000,000 under specified conditions.1
On funding, the company drew the full Tranche A amount on August 14, 2026.1 Part of those proceeds went to fully repay the company's existing senior secured term loan, which had carried an 8.0% rate plus three-month SOFR and was due to mature in May 2029.1 The remaining funds are earmarked for working capital and general business needs.1
The prior loan agreement was repaid in full and terminated on August 14, 2026, releasing the associated security interests and ending the company's obligations under that agreement, aside from provisions specified to survive termination.1
The new loan includes prepayment fees that scale down over time and a final fee due at maturity, acceleration, or prepayment, equal to 4.00% of the principal amount funded, which can rise to 10.00% if the company enters insolvency proceedings with debtor-in-possession financing from certain lenders.1 The loan is secured by a lien on nearly all of the borrowers' assets, including intellectual property, with certain exclusions.1
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