CONTINGENT VALUE RIGHTS AGREEMENT
THIS CONTINGENT VALUE RIGHTS AGREEMENT (this “Agreement”), dated as of August 17, 2026, is entered into by and between Coherus Oncology, Inc., a Delaware corporation (the “Company”), and Equiniti Trust Company, LLC, a New York limited liability trust company, as Rights Agent (as defined herein).
RECITALS
WHEREAS, the Company has determined that it is in the best interest of the Company and its stockholders to issue, in the form of a dividend to the holders of shares of its Common Stock, par value $0.0001 per share (the “Common Stock”), contingent value rights representing the right to receive payments from the Company in the event that the Company sells, grants a license with respect to, receives license royalty payments (including under existing licenses) in respect of, or otherwise disposes of any of the assets of the Company listed in Annex A hereto (the “Legacy BioSim Assets”), which assets represent the remaining biosimilar assets of the Company, in each case on the terms, and subject to the conditions, set forth in this Agreement;
WHEREAS, on August 14, 2026 the Strategic Financing Transaction Committee of the board of directors of the Company authorized and declared a dividend of one CVR for each share of Common Stock outstanding at 5:00 p.m. Eastern Time on the Record Date (as defined below), payable on the Distribution Date (as defined below); and
WHEREAS, the parties desire, and have done all things reasonably necessary, to make the contingent value rights, when issued hereunder, the valid obligations of the Company and to make this Agreement a valid and binding agreement of the Company, in accordance with its terms.
NOW, THEREFORE, in consideration of the premises and the consummation of the transactions referred to above, it is mutually covenanted and agreed, for the proportionate benefit of all Holders, as follows:
“Acting Holders” means, at the time of determination, the Holders of at least 50% of the outstanding CVRs, as reflected on the CVR Register.
“Affiliate” of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.
“Agreement” has the meaning set forth in the preamble hereto.
“Assignee” has the meaning set forth in Section 7.5.
“Board” means board of directors of the Company.
“Business Day” means any day other than a Saturday, Sunday or a day on which banking institutions in New York or California are authorized or obligated by law or executive order to remain closed.
“Calendar Quarter” means the successive periods of three (3) consecutive calendar months ending on March 31, June 30, September 30 or December 31, for so long as this Agreement is in effect; provided, however that (a) the first Calendar Quarter shall commence on the Distribution Date and shall end on December 31, 2026, and (b) the last Calendar Quarter shall commence on the first day after the full Calendar Quarter immediately preceding the effective date of the termination or expiration of this Agreement and shall end on the effective date of the termination or expiration of this Agreement.
“Code” means the U.S. Internal Revenue Code of 1986, as amended.
“Common Stock” has the meaning set forth in the recitals hereto.
“Company” has the meaning set forth in the preamble hereto.
“Covered Royalty Payment” means any cash license royalty payment or similar cash payment received by the Company pursuant to any license of any Legacy BioSim Assets (including under that certain License and Settlement Agreement, dated as of October 21, 2019, by and between the Company and Pfizer Inc.) during the CVR Term.
“CVR” means a contingent contractual right of Holders to receive CVR Payments pursuant to, and subject to the terms and conditions of, this Agreement.
“CVR Expiration Date” means October 7, 2028, which is the second anniversary of the Distribution Date.
“CVR Payment” means the aggregate Net Proceeds actually received by the Company in a given Calendar Quarter.
“CVR Payment Amount” means with respect to each CVR Payment and each Holder, an amount in cash equal to such CVR Payment divided by the aggregate number of CVRs outstanding as of the date of such CVR Payment as reflected on the CVR Register and then multiplied by the total number of CVRs held by such Holder as of the date of such CVR Payment as reflected on the CVR Register; provided that any fractional cent included in a Holder’s CVR Payment Amount shall be rounded down to the nearest whole cent.
“CVR Payment Period” means, as applicable, any Calendar Quarter during which Gross Proceeds are actually received by the Company.
“CVR Payment Statement” means, for a given CVR Payment Period during the CVR Term, a written statement of the Company, signed on behalf of the Company, setting forth in reasonable detail the calculation of the applicable CVR Payment for such CVR Payment Period.
“CVR Register” has the meaning set forth in Section 2.3(b).
“CVR Term” means the period beginning on the Distribution Date and ending on the CVR Expiration Date.
“Disposition” means the sale, license, transfer or other disposition of any Legacy BioSim Assets during the CVR Term.
“Disposition Agreement” means a definitive written agreement providing for a transaction or series of transactions between the Company or its Affiliates and any Person who is not an Affiliate of the Company regarding a Disposition entered into during the CVR Term.
“Distribution Date” means October 7, 2026.
“DTC” means The Depository Trust Company or any successor thereto.
“Governmental Entity” means any supra-national, national, federal, state, municipal, local or foreign government; any court, tribunal or judicial or arbitral body; administrative agency; legislative, executive or regulatory body (or subdivision thereof); public international organization; self-regulatory authority; commission or other governmental or quasi-governmental authority or instrumentality, in each case whether domestic or foreign, any stock exchange or similar self-regulatory organization or any quasi-governmental body exercising any regulatory, Taxing or other governmental or quasi-governmental authority.
“Gross Proceeds” means, without duplication, the sum of (i) all cash consideration and Securities Proceeds actually received by the Company or its Affiliates during the CVR Term in consideration for any Dispositions pursuant to a Disposition Agreement and (ii) all cash Covered Royalty Payments actually received by the Company during the CVR Term.
“Holdback Amount” means, in respect of any Disposition, the amount of consideration for any Disposition that would otherwise be Gross Proceeds if received by the Company that is withheld or held in escrow pursuant to the applicable Disposition Agreement; provided, that upon the release of all or any portion of the Holdback Amount to the Company during the CVR Term, such previously withheld or escrowed funds (as applicable) shall be subject to the payment procedures provided for in Section 2.4 herein; provided further that such funds released from withholding or escrow shall no longer be deemed to be a Holdback Amount for purposes of Permitted Deductions.
“Holder” means, at the relevant time, a Person in whose name CVRs are registered in the CVR Register.
“Legacy BioSim Assets” has the meaning set forth in the recitals hereto.
“Loss” has the meaning set forth in Section 3.2(g).
“Marketable Securities” means marketable securities that the Company or any of its Affiliates receives as consideration for any Dispositions pursuant to a Disposition Agreement during the CVR Term.
“Net Proceeds” means, for any CVR Payment Period, the Gross Proceeds actually received by the Company in such CVR Payment Period minus Permitted Deductions since the Distribution Date and through the end of such CVR Payment Period, all as calculated in a manner consistent with the Company’s accounting practices and the most recently filed annual audited financial statements with the Securities Exchange Commission, except as otherwise set forth herein. For clarity, (a) to the extent that any Permitted Deductions were taken into account in calculating Net Proceeds for any prior CVR Payment Periods, such Permitted Deductions shall not be taken into account again in calculating Net Proceeds in the current CVR Payment Period at issue, and (b) to the extent Permitted Deductions exceed Gross Proceeds for any CVR Payment Period, any excess Permitted Deductions from such CVR Payment
Period shall be applied against Gross Proceeds in subsequent CVR Payment Periods together with any Permitted Deductions from such subsequent CVR Payment Periods.
“Notice” has the meaning set forth in Section 7.1.
“Officer’s Certificate” means a certificate signed by the chief executive officer and the chief financial officer of the Company, in their respective official capacities.
“Party” means the Company or the Rights Agent.
“Permitted Deductions” means the sum of, without duplication,
“Permitted Transfer” means a transfer of CVRs (a) upon death of a Holder by will or intestacy; (b) pursuant to a court order; (c) by operation of law (including by consolidation or merger) or without consideration in connection with the dissolution, liquidation or termination of any corporation, limited liability company, partnership or other entity; (d) in the case of CVRs held in book-entry or other similar nominee form, from a nominee to a beneficial owner and, if applicable, through an intermediary, to the extent allowable by DTC; or (e) as provided in Section 2.6.
“Person” means any natural person, company, corporation, limited liability company, partnership, general partnership, limited partnership, trust, proprietorship, joint venture, business organization, unincorporated organization, joint-stock company, association, Governmental Entity or other entity
“Record Date” means September 30, 2026.
“Record Time” has the meaning set forth in Section 2.1(a).
“Rights Agent” means the Rights Agent named in the first paragraph of this Agreement, until a successor Rights Agent will have become the Rights Agent pursuant to the applicable provisions of this Agreement, and thereafter “Rights Agent” will mean such successor Rights Agent.
“Securities Proceeds” means the cash proceeds actually received by the Company or any of its Affiliates during the CVR Term from the sale of any Marketable Securities.
“Subsidiary” means any corporation, association, business entity, partnership, limited liability company or other Person of which another Person, either alone or together with one or more Subsidiaries or by one or more other Subsidiaries (a) directly or indirectly owns or controls securities or other interests representing more than 50% of the voting power of such Person, or (b) is entitled, by contract or otherwise, to elect, appoint or designate directors constituting a majority of the members of such Person’s board of directors or other governing body.
“Tax” (and, with correlative meaning, “Taxes”, “Taxing” and “Taxable”) means (a) any U.S. or non-U.S. federal, state, county, local, provincial or other income, gross receipts, ad valorem, franchise, profits, sales or use, transfer, registration, excise, utility, environmental, communications, real or personal property, capital unit, license, payroll, wage or other withholding, employment, social security (or similar), severance, stamp, occupation, premium, windfall profits, tariff, customs duty, unemployment, disability, value added, healthcare, alternative or add on minimum (including under Section 59A of the Code), estimated and any other governmental charges in the nature of taxes, and (b) all fines, penalties, interest or additions to tax or additional amounts imposed by a Tax Authority in connection with any item described in the foregoing clause (a).
“Third Party” means any Person that is not the Company or the Company’s Affiliates.
if to the Rights Agent, to:
Equiniti Trust Company, LLC
Attn: Account Management Team
1110 Centre Pointe Curve, Suite 101
Mendota Heights, Minnesota 55120-4101
Email: EQSS-AccountManagement@equiniti.com
with a copy to:
Equiniti Trust Company, LLC
28 Liberty Street, 53rd Floor
New York, NY 10005
Attention: Legal Department
Email: LegalTeamUS@equiniti.com
if to the Company, to:
Coherus Oncology, Inc.
333 Twin Dolphin Drive, Suite 600
Redwood City, California
Email: bmcmichael@coherus.com
with a copy, which shall not constitute notice, to:
Wilmer Cutler Pickering Hale and Dorr LLP
50 California Street, Suite 3600
San Francisco, CA 94111
Email: ben.fackler@wilmerhale.com
or to such other address or email address as such Party may hereafter specify for the purpose by notice to the other Party.
[Remainder of page intentionally left blank]
IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed as of the day and year first above written.
Coherus Oncology, Inc.
By: /s/ Dennis M. Lanfear
Name: Dennis M. Lanfear
Title: Chief Executive Officer
IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed as of the day and year first above written.
Equiniti Trust Company, LLC
Annex A
Legacy BioSim Assets
| 1. | Cell lines: |
| a. | CHS-0214 Enbrel (etanercept) |
| b. | CHS-2020 Eylea (aflibricept) |
| c. | CHS-5217 Avastin (bevacizumab) |
| d. | CHS-4028 Rituxan (rituximab) |
| e. | CHS-4102 Remicade (infliximab) |
| f. | CHS-1138 Soliris (eculizumab) |
| g. | CHS-1225 Tysabri (natalizumab) |
| h. | CHS-4714 Stelara (Ustekinumab) |
| i. | CHS-4014 Prolia /Xgeva (denosumab) |
| j. | CHS-3351 Lucentis (ranibizumab) |
| 2. | Pfizer license agreement |
| a. | License and Settlement Agreement, dated as of October 21, 2019, by and between the Company and Pfizer Inc. |
| 3. | Patents |
Application TitleApp No.Patent No.App Status
a. STABLE AQUEOUS FORMULATIONS OF ADALIMUMAB | 15/726,165 | 10,159,732 | Issued |
b. Stable Aqueous Formulations Of Adalimumab | 15/726,195 | 10,207,000 | Issued |
c. Stable Aqueous Formulations Of Adalimumab | 15/726,215 | 10,159,733 | Issued |
d. Stable Aqueous Formulations Of Adalimumab | 15/799,851 | 10,155,039 | Issued |
e. STABLE AQUEOUS FORMULATIONS OF AFLIBERCEPT | 16/297,387 | 11,667,702 | Issued |
f. STABLE AQUEOUS FORMULATIONS OF AFLIBERCEPT | 16/566,847 | 11,426,446 | Issued/drop |
| 4. | Materials that are exclusively related to the Legacy Biosim Assets including, but not limited to, laboratory notebooks, regulatory filings, and product samples. |