<SEC-DOCUMENT>0001104659-24-125205.txt : 20241204
<SEC-HEADER>0001104659-24-125205.hdr.sgml : 20241204
<ACCEPTANCE-DATETIME>20241203195021
ACCESSION NUMBER:		0001104659-24-125205
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241204
DATE AS OF CHANGE:		20241203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Coherus BioSciences, Inc.
		CENTRAL INDEX KEY:			0001512762
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				273615821
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36721
		FILM NUMBER:		241524341

	BUSINESS ADDRESS:	
		STREET 1:		C/O DENNIS M. LANFEAR
		STREET 2:		333 TWIN DOLPHIN DR, SUITE 600
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94065
		BUSINESS PHONE:		(650) 649-3530

	MAIL ADDRESS:	
		STREET 1:		C/O DENNIS M. LANFEAR
		STREET 2:		333 TWIN DOLPHIN DR, SUITE 600
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94065

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BioGenerics, Inc.
		DATE OF NAME CHANGE:	20110210
</SEC-HEADER>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of
the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No.&nbsp;)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Filed by the Registrant </FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Filed by a party other than the Registrant
</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material under &sect;240.14a-12</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Coherus BioSciences,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Person(s)&nbsp;Filing Proxy Statement,
if Other Than The Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required.</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b)&nbsp;per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and 0-11.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Schedule 14A relates solely to preliminary
communications made prior to furnishing security holders of Coherus BioSciences,&nbsp;Inc. (the &ldquo;Company&rdquo;) with a definitive
proxy statement related to a proposed transaction in which the Company has agreed to divest its UDENYCA&reg; (pegfilgrastim-cbqv) franchise
(the &ldquo;Proposed Transaction&rdquo;) to Intas Pharmaceuticals Ltd. subject to the terms and conditions set forth in the Asset Purchase
Agreement, dated December&nbsp;2, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Schedule 14A filing consists of the following
documents relating to the Proposed Transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Transcript of Business Update Call</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Email to Employees Regarding FAQs</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: fuchsia"></FONT><B>Transcript</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Update Call</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Event Details</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: 2024-12-03</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company: Coherus BioSciences,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ticker: CHRS-US</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Company Participants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jodi A. Sievers - Coherus BioSciences,&nbsp;Inc., Vice President,&nbsp;Investor
Relations&nbsp;&amp; Corporate Communications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dennis M. Lanfear - Coherus BioSciences,&nbsp;Inc., Chairman, President&nbsp;&amp;
Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bryan McMichael - Coherus BioSciences,&nbsp;Inc., Chief Financial
Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rosh Dias - Coherus BioSciences,&nbsp;Inc., Chief Medical Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paul Reider - Coherus BioSciences,&nbsp;Inc., Chief Commercial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Theresa M. LaVallee - Coherus BioSciences,&nbsp;Inc., Chief Development
Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Participants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael Nedelcovych - Analyst</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Douglas Tsao - Analyst</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reena Patel - Analyst</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brian Cheng - Analyst</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>MANAGEMENT DISCUSSION SECTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Good day, and thank you for standing by.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Welcome to the Coherus Biosciences Conference Call to discuss the
UDENYCA divestiture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At this time, all participants are in a listen-only mode.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After the speakers' presentation, there will be a question-and-answer
session.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please be advised that today's conference is being recorded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I would now like to hand the conference over to your speaker today,
Jodi Sievers, Head of Investor Relations for Coherus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please go ahead.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Jodi A. Sievers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you, Shannon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Good morning and thank you for joining us today.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Earlier today, we issued a press release announcing the divestiture
of our UDENYCA franchise to Intas Pharmaceuticals in a transaction valued up to $558 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Joining me today to discuss the announcement are Denny Lanfear, Chief
Executive Officer of Coherus; Dr.&nbsp;Rosh Dias, Chief Medical Officer; Paul Reider, Chief Commercial Officer; Bryan McMichael; Chief
Financial Officer; and Dr.&nbsp;Theresa LaVallee, Chief Development Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I would like to remind you that today's call includes forward-looking
statements regarding Coherus' current expectations about future events.&#8239;These statements include but are not limited to the following.&#8239;Statements
regarding how we will use proceeds from the divestiture, projections of future growth and expenses, whether we will receive any earnout
payments, and whether the closing of the divestiture will occur in a timely manner or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All of these forward-looking statements involve substantial risks and
uncertainties that are beyond our control and can cause actual results, performance or achievements to differ from those implied by the
forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These statements are not guarantees of future performance and are subject
to substantial risks and uncertainties, including risks and uncertainties about our ability to complete the divestiture on a timely basis
or at all, and risks and uncertainties inherent in the clinical development process that are discussed in our press release that we issued
today, as well as the documents that we filed with the SEC from time to time, including the proxy statement of Coherus, which will be
mailed or otherwise disseminated to Coherus stockholders when it becomes available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Forward-looking statements provided on the call today are made as of
this date, and we undertake no duty to update or revise any forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With that, Denny.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I'll now turn the call over to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dennis M. Lanfear</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you, Jodi.&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Good morning, everyone, and thank you for joining us on our call.&#8239;Let
me first walk through the details of the transaction and why it's consistent with our overarching strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As we disclosed earlier today, Coherus is divesting the UDENYCA franchise
to Intas.&#8239;In consideration for an upfront cash payment of $483.4 million, plus $75 million in sales-based milestone payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Intas will receive our global rights to the UDENYCA family of commercial
products, including the UDENYCA prefilled syringe, the UDENYCA autoinjector and UDENYCA ONBODY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Let me describe for you the rationale for the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This transaction represents the successful completion of our long-term
strategy to focus our commercial and R&amp;D resources on immuno-oncology, on our PD-1 LOQTORZI and novel combinations of LOQTORZI with
a number of agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As you know, since in-licensing our LOQTORZI in early 2021 from Junshi,
we have pursued an overarching strategy to enhance long-term shareholder value and leveraging our biosimilar business to build a highly
competitive and sustainable, innovative oncology franchise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After closing the Surface Oncology acquisition just over a year ago
and then divesting CIMERLI and YUSIMRY, this divestiture is a definitive step in that direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Secondly, this transaction allows us to monetize and redeploy the significant
value we have created with our UDENYCA franchise to maximize the opportunity ahead for our I-O portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The UDENYCA ONBODY is a highly competitively positioned, raising the
brand above others and a catalyst for greater sales.&#8239;But to realize the franchise's maximal long-term value, a larger, more global
organization with multiple biosimilar products in the portfolio is required.&#8239;There is perhaps greater value in UDENYCA in such hands than
in our own.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Third, we must maximize the I-O opportunity because that is how we
will both deliver increased patient survival benefits in tough cancers and drive significant value for our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This means continuing to build the commercial momentum with LOQTORZI
in nasopharyngeal cancer as well as advance our differentiated and diversified pipeline of immunotherapies across a number of single agent
combination mid-stage clinical studies, in areas of high unmet need, including HCC (00:05:26) lung and gastric cancers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With regard to that, LOQTORZI represents a triple value driver of
Coherus.&#8239;First, with our NPC commercial indications where we are well on our way to being the standard of care and favorably positioned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Second, LOQTORZI in combination with our internal pipeline assets.&#8239;And
then third, via capital efficient external partnerships for additional label expansion opportunities, particularly late-stage registrational
studies such as those already underway.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Now, regarding combinations.&#8239;Our differentiated and diversified portfolio
includes antibody, immunotherapy candidates, casdozokitug, as well as CHS-114, our highly selective CCR8 cytolytic antibody, focused
on enhancing the innate and adaptive immune responses to enable a robust immunological response and improving outcomes, extending patient
survival.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have global rights to these products and given the exciting emerging
clinical data for these programs and their respective tumor types, we also see the potential for ex-US partnerships and the opportunity
to offset development costs while monetizing ex-US territory rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As we proceed along our strategic trajectory, we will also continue
delivering on our key objectives, which are to first drive top line growth with our commercial products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Second, control and reduce our operating expenses.&#8239;Third, improve
our capital structure.&#8239;As you have seen, we have delivered on each of these objectives throughout 2024.&#8239;And in last month's earnings
call, we updated you on solid progress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Going forward, we will continue with the same focus that you have seen
before and we'll report to you our progress as we have before.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So, now back to today's announcement.&#8239;As a result of the UDENYCA transaction,
we will have significantly improved our capital structure as we pay down significant majority of our debt, reduce interest payments,
and align our operational footprint with our strategic focus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Looking ahead, we'll begin to see important data readouts for our pipeline
in the second half of this year with momentum building through 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Let me now turn it over to our Chief Financial Officer, Bryan McMichael,
to discuss that further.&#8239;Bryan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bryan McMichael</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you, Denny.&#8239;Let me briefly review for you the balance sheet implications
of the divestiture transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As we announced, the sale price of UDENYCA franchise is up to $558
million, including an upfront payment of$483.4 million, which is subject to an adjustment if the amount of inventory transferred at close
is less than projected, which we don't expect to occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are two sales based milestones of $37.5 million each which, if
achieved, would be payable within the first five and seven quarters after close, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Let me make two very positive points, which I believe are important
to highlight.&#8239;First, the transaction is in the efficient use of our accrued net operating losses, which were previously not deemed
realizable to offset substantially all of the US federal income taxes related to the divestiture.&#8239;We estimate that we will pay less than
$3 million in such taxes on the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Secondly, the transaction will facilitate a substantial reduction
in our debt, which frankly has been burdensome.&#8239;Consider that at the beginning of 2024, Coherus had $480 million in debt across two instruments,
a senior secured facility of $250 million with effective maturity in October&nbsp;2025 and a convertible note instrument of $230 million
with a maturity in April&nbsp;2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our debt servicing costs were high, representing an annualized cash
interest burden of approximately $38million.&#8239;We previously paid off a senior secured facility of $250 million.&#8239;And following close
of this transaction, we plan to initiate a process to repay in its entirety the $230 million convertible notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following these deleveraging transactions, Coherus' only debt term
loan will be the $38.7 million senior secured term loan, not due until May&nbsp;2029.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I will summarize the projected improvements in our balance sheet by
pointing out that our total convertible notes and term loan will have been decreased from $480 million to $38.7 million, a reduction of
92%, and our annual cash debt servicing costs on these obligations will have been reduced from about $38 million to about$5 million, a
reduction of about 87%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I would further note that at closing, we will pay 40 &ndash; about
$50 million to buyout the royalty of UDENYCA net sales in accordance with revenue purchase sale agreement that commenced in May.&#8239;The royalty
on LOQTORZI sales remains on the balance sheet and represents about an $11 million liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to sales in cash, as we said on our earnings call, we
plan to provide an updated Q4 2024 sales projection and Q1 2025 cash projection in early 2025.&#8239;However,&nbsp;I can say that our current
post-transaction projections exceed two years of cash, past (00:11:08) key data readouts in 2026, and we will be very thoughtful about
expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With that, let me turn it over to Rosh to briefly summarize our product
pipeline and combination and development strategy.&#8239;Rosh?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rosh Dias</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you, Bryan.&#8239;Today,&nbsp;I'll provide you with a recent meaningful
update of the NCCN Guidelines for nasopharyngeal carcinoma and a quick snapshot of our combination-based clinical programs, combining
toripalimab with a number of agents where eight studies (00:11:38) proceeding across early, mid and late stage development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Let me start with nasopharyngeal carcinoma where we launched LOQTORZI
earlier this year.&#8239;I'm happy to report that last week, an NCCN, NPC guidelines revision was released and LOQTORZI is now listed as the
only preferred regimen for the treatment of advanced NPC, both in first line as the only category on preferred regimen as well as second
line and beyond.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Both chemotherapy alone and chemotherapy in combination with other
off-label PD-1s have now been downgraded and moved to non-preferred status.&#8239;These changes are reflective of the strength of LOQTORZI's
data and label in NPC, so this is excellent news for patients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As we have discussed previously, our overarching development strategy
is focused on combinations with LOQTORZI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">First, with external partnerships, with late stage development compounds,
registration enabling studies where we provide drug but do not share costs.&#8239;These include with the INOVIO vaccine in head and neck cancer
and Junshi's multinational global study with BTLA and LOQTORZI in small cell lung cancer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Secondly, we're pursuing combinations of our internal, competitively
well-positioned clinical stage pipeline assets with LOQTORZI.&#8239;With casdozokitug, our first-in-class IL-27 targeting antibody we're
focused in two therapeutic areas: lung and liver.&#8239;In non-small cell lung cancer, our ongoing study continues to recruit in advanced disease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In HCC our study evaluating casdozokitug with toripalimab and bevacizumab
is on track to open in the next few weeks, building on the Triplet combination data showing overall response rate of 38% and three complete
responses in first line HCC, an increase in ORR and a deepening of responses compared to prior data cuts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regarding CHS-114, our CCR8 cytolytic antibody is being combined with
toripalimab in two therapeutic areas: first, head and neck cancer; and secondly, gastric cancer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In head and neck squamous cell carcinoma, a tumor type that's complementary
to our existing LOQTORZI indication in NPC, we're proceeding with both monotherapy dose expansion and combination dose escalation with
toripalimab, and we'll be moving shortly into further dose optimization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In gastric cancer, our second line study remains on track to initiate
in quarter one 2025, building on the proof of principle data presented at ASCO this year with LaNova's CCR8 antibody in combination with
toripalimab.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Given the selectivity and potency of our own CCR8, we believe the CHS-114
toripalimab combination represents a high value opportunity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Let me now hand the call over to Paul Reider, our Chief Commercial
Officer.&#8239;Paul?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Paul Reider</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you, Rosh.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Good morning, everyone.&#8239;Let me start with UDENYCA.&#8239;I'm pleased
to report that resupply to the market is now well underway.&#8239;And we are now generating sales for the fourth quarter as we replenish
the distribution channel and coordinate with customers to resume UDENYCA prescribing in their respective practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Customer response has been very positive.&#8239;We remain confident that
customers will resume UDENYCA prescribing in Q4 with demand and market share acceleration in Q1 and throughout 2025 as UDENYCA franchise
remains in a strong competitive position, given its representations as well as strong payer coverage, which will likely get even better
in 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We'll provide additional revenue update in January&nbsp;as we better
understand the pace of customer adoption dynamics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regarding LOQTORZI, the NPC launch continues to progress according
to plan.&#8239;Rosh just described for you some favorable NCCN guidelines changes that further strengthen our overarching strategy to establish
LOQTORZI as the new standard of care for eligible NPC patients and better positions LOQTORZI as the preferred regimen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NPC represents an approximately $150 million to $200 million market
opportunity.&#8239;And we reiterate our belief that LOQTORZI will follow a steady revenue ramp in the near-term, fueled by new patient acquisition
with sustained growth over time, which will be driven by duration of treatment as 80% (00:16:09) the long-term value is from early line
continuing patients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And given adoption and duration dynamics we continue to estimate that
it will take three to four years for the market potential to fully materialize.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lastly, let me comment on the overall impact on the commercial team
with this divestiture.&#8239;As the UDENYCA divestiture process unfolds, we'll remain focused on two key commercial priorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">First, to maintain business continuity with both our UDENYCA and LOQTORZI
customers and ensure that patients continue to access our products without disruption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And second, to ensure that post-transaction we maintain an appropriately
sized commercial team, fully enable continued momentum of our LOQTORZI launch and reach maximum commercial opportunity for LOQTORZI as
quickly as possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With that,&nbsp;I'll turn the call back over to Denny for closing remarks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dennis M. Lanfear</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you, Paul.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As we have outlined here on today's call, we remain tightly focused
on our overarching strategy to enhance long-term shareholder value by building a highly competitive and sustainable, innovative oncology
franchise with products that extend patient survival.&#8239;We are now well positioned for success and look forward to updating you on
our progress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Operator, we'll now be open to take questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>QUESTION AND ANSWER SECTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our first question comes from the line of Kripa Devarakonda with Truist
Securities.&#8239;Your line isnow open.&#8239;Unidentified speaker</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Question
 &ndash; Unidenti</B></FONT>fi<B>ed speaker:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hi, good morning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is Bill (00:17:55) on for Kripa.&#8239;Congratulations on the
good news.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;We're wondering which of the three programs do you consider the lowest hanging fruit and probably the fastest path to market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Dennis M. Lanfear:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thanks for your question, Bill.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I have our Chief Development Officer, Theresa LaVallee on the line
for that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Theresa, you want to answer those questions with regard to the low
hanging fruit?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Theresa M. LaVallee:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yeah.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I mean,&nbsp;I think that I would rate the entire portfolio there
with exciting proof-of-concept studies underway.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So, with the casdozokitug, as Rosh mentioned, we've seen activity in
first line HCC and we'll continue to update final data cut there.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The tori/bev/casdozokitug Phase 2 randomized study is open and we'll
continue to see that progress.&#8239;We're also incredibly excited about head and neck and gastric cancer for CCR8, with data presented
last year at ASCO showing proof-of-concept with toripalimab plus a competitor CCR8 antibody.&#8239;So,&nbsp;I think you'll continue to see the
progression of the pipeline with two promising pipeline assets to advance toripalimab.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Dennis M. Lanfear:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you, Bill (00:19:24).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unidentified speaker</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Question
 &ndash; Unidenti</B></FONT>fi<B>ed speaker:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our next question comes from the line of Michael Nedelcovych with
TD Cowen.&#8239;Your line is now open.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Analyst:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael Nedelcovych</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Question &ndash; Michael Nedelcovych:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you for the questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I have a couple.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">First, apologies if I missed it, but what UDENYCA royalties are you
now entitled to?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And as it relates to the milestone payments, what do you think is the
probability of receiving those and what is the likely timing of those payments?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And then as it relates to pipeline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In your release, you cite two data readouts in 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I know you've laid outgeneral development plans for various pipeline
candidates, but what do you view as the most important readout that we should anticipate in that year specifically?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Dennis M. Lanfear:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Great.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So, let me take that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I'll let Theresa to handle the pipeline 2026 readout lastly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">But first of all, there is a royalty associated with the UDENYCA that
will be paid off with this transaction, and that amounts to about $54 million to pay offin the resolution of that royalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So, in the context of divesting UDENYCA, we also paid that royalty
off which included that amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to the future milestones, which are $75 million and those
are split into two pieces, both $37.5 million in two tranches associated with two levels of four quarter running sales, one five quarters
out post-close, one seven quarters out post-close.&#8239;We feel very confident about that actually UDENYCA is very, very, very competitively
positioned in the market, particularly the ONBODY device has seen very strong adoption, very high customer satisfaction and strong patient
benefit.&#8239;And really it's done very well in particular with the non-340B segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So, we feel very confident about those royalties.&#8239;They are, of course,
to be realized in the future, but they're there because we think that we can hit them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And then lastly, with respect to the pipeline and the readouts to 2026,
perhaps, Rosh, do you want to take a shot at that for Michael?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Rosh Dias:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yeah, absolutely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thanks, Michael.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So, we outlined the programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have two programs with casdozo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have two programs with CHS-114 both in combination with toripalimab.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We anticipate data in quarter one 2026 for the planned studies in
particularly in terms of CHS-114.&#8239;So, head and neck will be moving into a dose expansion and dose optimization study which we'll report
in the first half of 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And then secondly, our gastric cancer study, which we anticipate starting
in the first quarter of next year.&#8239;Again, that will be a global study that we anticipate will report some initial data in the first half
of 2026 as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So, those are the two key data sets that we'll be reporting then.&#8239;And
then, of course, we have the ongoing programs also with casdozo, which we'll report ongoing data as we move forward with the respective
trials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Dennis M. Lanfear:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you for your thoughtful questions, Michael.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Question &ndash; Michael Nedelcovych:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our next question comes from the line of Douglas Tsao with H.C. Wainwright.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your line is now open.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Analyst:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Douglas Tsao</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Question &ndash; Douglas Tsao:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hi.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Good morning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thanks for taking the questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I guess, first one,&nbsp;I'm just curious, given much more &ndash;
greater flexibility you do have on from a balance sheet standpoint, does it change your approach to R&amp;D in any way?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Obviously, you've been focused in the near-term with doing a lot of
partnerships because that was very sort of cash efficient.&#8239;And does that shift in any way and you sort of focus on some of new
indications with your existing portfolio of agents?&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Dennis M. Lanfear:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thanks, Doug.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No,&nbsp;I think that we have a very thoughtful way that we approach
R&amp;D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">First of all, with combination studies, we have two registration studies
in which toripalimab LOQTORZI is being used and we simply supply a drug.&#8239;We don't pay clinical cost.&#8239;And I think that's quite favorable
for us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And our other strategy, of course, is to advance our own products such
as casdozokitug again and our CCR8moiety with toripalimab.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Those will be on our own dime.&#8239;However, as I pointed out in
my prepared remarks, we do foresee ex-US licensing of those assets which we have global rights, so we can do ex-US licensing in which
those partners could be expected to pay both upfront and additional royalties and contribute to clinical costs.&#8239;So that's our strategy
for spreading the clinical cost globally across two or three different territories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And then lastly, we also have some early stage focus with toripalimab
with various agents.&#8239;And that product is &ndash; I should say those projects are just getting going now.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">But overall,&nbsp;I think that our clinical development strategy is
very coherent and it's going to be exactly as it was.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Question &ndash; Douglas Tsao:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And just as a follow-up,&nbsp;I'm just curious, from a commercial
standpoint, does the divestiture sort of allow you to focus more resources on the LOQTORZI launch?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And does that sort of greater attention perhaps help you get up the
launch curve a little faster?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Dennis M. Lanfear:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yeah.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">That's a great question, Doug.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Let me have Paul Reider, our Chief Commercial Officer, address that
particular one for you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paul?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Paul Reider:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yeah.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thanks for your question, Doug.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yeah, no question we'll be able to, post transaction, be able to focus
now all of our commercial resources against LOQTORZI and NPC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The team presently sold both UDENYCA and LOQTORZI.&#8239;And so, as we get
post-close and with the final footprint, we'll be able to now dedicate entire resources both in the personnel (00:26:00) promotion side,
along with our digital efforts to driving the LOQTORZI ramp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So,&nbsp;I think that in combination with the NCCN Guidelines really
enable us now going into 2025 with real strong momentum.&#8239;So, we're making great progress with the LOQTORZI launch.&#8239;It's going
very well.&#8239;And so,&nbsp;I think this will continue to help us accelerate that launch further.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Dennis M. Lanfear:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thanks, Paul.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Doug,&nbsp;I think the revision in the NCCN guideline is worth noting
just once again from Dr.&nbsp;Dias as because I think that really positions us a standard of care for NPC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rosh, can you just recap briefly what the changes are with the guidelines?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Rosh Dias:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yeah, absolutely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Doug, thanks for the question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So, as I mentioned last week, there was a revision that was released
which really is very reflective of the strength of the data with LOQTORZI and also the label itself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And there were a couple of key changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So, basically, we are now the only preferred agents for the treatment
of NPC.&#8239;There has been a downgrading of chemotherapy alone into other recommended regimens that are non-preferred and also similarly other
off-label PD-1s in conjunction with chemotherapy has also been downgraded to other recommended regimens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So, again, very reflective of the strength of the data and the fact
that we are the only approved, FDA approved therapy for NPC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Dennis M. Lanfear:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(00:27:36) is a great place, Paul's team is well prepared to sharpen
their focus with respect to NPC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Question &ndash; Douglas Tsao:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And just a final point on the NCCN Guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I mean, does this help from an access standpoint in terms of just really
sort of putting the onus on accounts to make sure that they are &ndash;have LOQTORZI on formulary?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Dennis M. Lanfear:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paul?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Paul Reider:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No question, Doug.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Absolutely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any time there's a change in NCCN Guidelines, that enables the opportunity
of our field team to discuss these changes with providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And importantly, what we'll be endeavoring to do now over the next
quarters or two will be to work with the accounts to translate those NCCN guideline changes into their individual account order sets and
pathways to ensure that those are reflective of the NCCN Guidelines in which LOQTORZI plus chemo is the preferred first line treatment
for appropriate patients in the early recurrent stage or first line metastatic or that LOQTORZI monotherapy is the first line or is the
(28:54) treatment for patients with second line plus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So, that's how we'll be endeavoring now to translate the NCCN changes
into the account level pathways.&#8239;Andof course working with payers and other stakeholders as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Dennis M. Lanfear:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thanks, Doug.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Question &ndash; Douglas Tsao:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Great.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you so much.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our next question comes from the line of Reena Patel with Citi.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your line is now open.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Analyst:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reena Patel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Question &ndash; Reena Patel:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hi.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thanks for taking my question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I just wanted to ask if you could give any more color on how competitive
the bidding process was for the UDENYCA sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wondering how long the process might have kind of took, and if the
packaging capacity issue from a few months ago was causing any sort of delay or pushing out the sale?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Dennis M. Lanfear:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hi.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you for your question (00:29:48).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yeah,&nbsp;I think you raised a very good point.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The supply interruption issue occurred mid-process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And so, that was somewhat problematic to address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">But I would just make two key points.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The first key point is, is that the UDENYCA franchise with the ONBODY
and the autoinjector and so forth clearly still very, very strong momentum through 2024.&#8239;I think you saw the Q3 results were just really
outstanding, 30% increase in share and so on.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And so,&nbsp;I think that the participants in the process were well
aware that this was an interim blip with respect to UDENYCA although overall, we did complete this particular juncture.&#8239;I would
be frank with you that it did require a bit of choreography.&#8239;But I think in the end, the strength of the franchise and the strength of
UDENYCA brand carried the day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Question &ndash; Reena Patel:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Great.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thanks...</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Dennis M. Lanfear:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you for your question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Question &ndash; Reena Patel:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">...for taking my question and congrats on the news.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our next question comes from the line of Brian Cheng with JPMorgan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your line is now open.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Analyst:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brian Cheng</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Question &ndash; Brian Cheng:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Good morning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thanks for taking our questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I guess, you know, just to kind of follow up on the last question,
just curious if you can give a better sense of the timing of the divestiture decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Why does it make sense now to do a deal as we are starting to see
a ramp up in your ONBODY uptick?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And we have a couple of follow ups.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Dennis M. Lanfear:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hi Brian,&nbsp;I think that very clearly, as I indicated in my remarks,
UDENYCA was on an upward trajectory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And I think that it's had significant share increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And I think it was an opportune time for a larger team, global team
and you know, with more biosimilars really to take this product to the next level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When you look at a product like UDENYCA, you have to realize that
your product may have higher value in the hands of someone else with greater resources and a larger company than with us.&#8239;Small companies,
in my view, are very, very proficient at innovation that's a well trend path in biopharma.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So we're going to focus on innovation and delivering patient survival
benefit.&#8239;And I'm very, very proud to bean early pioneer in the biosimilar space.&#8239;But I think it's appropriate time for us to complete
the strategic arc for us with our strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Question &ndash; Brian Cheng:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And it says on a modeling side, and how much of a &ndash; as you estimate,
cost saving could we expect after the transaction as we start thinking through 2025 quarter-by-quarter, can you kind of walk us through
how much saving we expect throughout the year?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Dennis M. Lanfear:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yeah, Brian, we're currently working on that model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There's a number of things that we're going to talk about in early
January, such as, you know, revenue results and cash and so on.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">So, we would just ask for your patience a little bit.&#8239;As you know,
Paul goes ahead with the resupply efforts and we do a few more things, but we'll be prepared to talk about that sometime in the first
two weeks of January.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Question &ndash; Brian Cheng:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Great.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Answer &ndash; Dennis M. Lanfear:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you, Brian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And I'm currently showing no further questions at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I'd like to hand the call back over to Denny Lanfear for closing remarks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you, operator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And thank you all for joining us today on the call. I just want to
point out that members of our team will be participating in the Citi Conference today in Miami, where our Chief Development Officer,
Dr.&nbsp;Theresa LaVallee, will be seen on a panel discussing novel mechanisms in oncology and where we will also be conducting one on
one meetings with conference participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Have a great day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Operator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goodbye.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This concludes today's conference call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you for your participation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may now disconnect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The statements in this communication include express or implied forward-looking
statements within the meaning of Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the Exchange Act about the proposed transaction
between Coherus BioSciences,&nbsp;Inc. (the &ldquo;Company&rdquo;) and Intas Pharmaceuticals Ltd. (&ldquo;Intas&rdquo;) that involve risks
and uncertainties relating to future events and the future performance of the Company and the UDENYCA business. Forward-looking statements
relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning
matters that are not historical facts. Words such as &ldquo;will,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;should,&rdquo;
 &ldquo;expect,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo;
 &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;potential,&rdquo; &ldquo;continue,&rdquo; &ldquo;future,&rdquo; &ldquo;opportunity,&rdquo;
 &ldquo;likely,&rdquo; &ldquo;target,&rdquo; variations of such words, and similar expressions or negatives of these words are intended
to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. You can also
identify forward-looking statements by discussions of strategy, plans or intentions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Examples of such forward-looking statements include, but are not limited
to, express or implied statements regarding: the asset purchase agreement and related matters, including, but not limited to, the ability
to satisfy the closing conditions to consummate the proposed transaction at all or in the estimated time; prospective performance and
opportunities with respect to the Company or the UDENYCA business; post-closing operations and the outlook for the Company or the UDENYCA
business; the Company&rsquo;s targets, plans, objectives or goals for future operations, including those related to the UDENYCA business,
product candidates, research and development, and product candidate approvals; future receipt of sales milestone payments from the proposed
transaction; projections of or targets for cost savings related to transfers of employees and reductions in indebtedness; projections
of the amount of time that the Company&rsquo;s will be able to operate using its cash balance and proceeds from the proposed transaction;
statements about the potential uses of proceeds from the transaction and the assumptions underlying or relating to such statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These forward-looking statements are based on the Company&rsquo;s current
plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general
and specific, assumptions and changes in circumstances, many of which are beyond the control of the Company. A number of important factors,
including those described in this communication, could cause actual results to differ materially from those contemplated in any forward-looking
statements. Factors that may affect future results and may cause these forward-looking statements to be inaccurate include, without limitation:
uncertainties as to the timing for completion of the proposed transaction; uncertainties as to the Company&rsquo;s ability to obtain the
approval of its stockholders required to consummate the proposed transaction; the possibility that competing offers will be made by third
parties; uncertainties of payment of the earn-outs in the future; the occurrence of any event, change or other circumstance that may give
rise to a right of one or both of Intas and the Company to terminate the Asset Purchase Agreement; the possibility that the proposed transaction
may not be completed in the time frame expected by the Company including on a timely basis or at all, including due to the possibility
that a governmental entity may prohibit, delay, or refuse to grant approval, if required, for the consummation of the proposed transaction
(or only grant approval subject to adverse conditions or limitations); the proposed transaction disrupts the Company&rsquo;s current plans
and operations or diverts the attention of the Company&rsquo;s management or employees from ongoing business operations; the risk that
the Company may not realize the anticipated benefits of the proposed transaction in the time frame expected, or at all; the effects of
the proposed transaction on relationships with the Company&rsquo;s employees, suppliers, business or collaboration partners or governmental
entities, or other third parties as a result of the proposed transaction; the ability to retain and hire key personnel; significant or
unexpected costs, charges or expenses resulting from the proposed transaction; the potential impact of unforeseen liabilities, future
capital expenditures, revenues, costs, expenses, earnings, economic performance, indebtedness, financial condition and losses on the future
prospects, business and management strategies for the management, expansion and growth of the Company after the consummation of the proposed
transaction; potential negative effects related to this announcement or the consummation of the proposed transaction on the market price
of the Company&rsquo;s common stock and/or the Company&rsquo;s operating or financial results; uncertainties as to the long-term value
of the Company&rsquo;s common stock; and the nature, cost and outcome of any litigation and other legal proceedings involving the transaction,
the Company or its directors, including any legal proceedings related to the proposed transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While the foregoing list of factors presented here is considered representative,
no list should be considered to be a complete statement of all potential risks and uncertainties. There can be no assurance that the transaction
described above will in fact be consummated in the manner described or at all. For a further discussion of these and other factors that
could cause the Company&rsquo;s future results to differ materially from any forward-looking statements see the section entitled &ldquo;Risk
Factors&rdquo; in the Company&rsquo;s Quarterly Report on Form&nbsp;10-Q for the period ended September&nbsp;30, 2024, filed with the
SEC on November&nbsp;6, 2024, as updated by the Company&rsquo;s subsequent periodic reports filed with the SEC and, when available, the
proxy statement of the Company relating to the proposed transaction. Any forward-looking statements speak only as of the date of this
communication and are made based on the current good faith beliefs and judgments of the Company&rsquo;s management, and the reader is
cautioned not to rely on any forward-looking statements made by the Company. Unless required by law, the Company is not under any duty
and undertakes no obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or
factors, of new information, data or methods, future events or other changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Information and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the proposed transaction, the Company expects to
file with the SEC a proxy statement on Schedule 14A, and it may also file other documents regarding the proposed transaction with the
SEC. Promptly after filing its definitive proxy statement with the SEC, the Company will mail the definitive proxy statement and a proxy
card to each stockholder entitled to vote at the special meeting relating to the proposed transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY THE PROXY
STATEMENT AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS
INCORPORATED BY REFERENCE THEREIN,&nbsp;IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION, RELATED MATTERS AND THE PARTIES TO THE PROPOSED TRANSACTION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may obtain a free copy of the proxy statement and other relevant
documents (if and when they become available) that are or will be filed with the SEC for free at the SEC&rsquo;s website at www.sec.gov.
Copies of the documents filed with the SEC by the Company will be available free of charge on the Company&rsquo;s website at https://investors.coherus.com/sec-filings
or by contacting the Company&rsquo;s Investor Relations Department at IR@coherus.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Participants in the Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company and certain of its directors and executive officers and
other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction.
Information about the directors and executive officers of the Company, including a description of their direct or indirect interests,
by security holdings or otherwise, is set forth in the proxy statement for its 2024 Annual General Meeting, which was filed with the SEC
on April&nbsp;15, 2024 and other documents that may be filed from time to time with the SEC. Other information regarding the participants
in the proxy solicitations and a description of their direct and indirect interests in the proposed transaction, by security holdings
or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC regarding the proposed transaction
when such materials become available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To: All Employees Email</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">From: Rebecca Sunshine</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December&nbsp;3, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject: FAQs for Selected Employees Transferring to Accord BioPharma</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hi Everyone,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you for joining our Companywide Conference Call today. As I mentioned
on the call,&nbsp;I developed the attached FAQs for employees who will be transferring to Accord BioPharma next year to continue working
with UDENYCA, in collaboration with Accord&rsquo;s Human Resources. There is a &ldquo;Friendly Reminder&rdquo; section on page&nbsp;5
that is relevant to all current Coherus Employees. Please remember that everything is &ldquo;business as usual&rdquo; with UDENYCA and
Loqtorzi until the close of the deal in Q1 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please feel free to contact me at anytime with questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you, Rebecca</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rebecca Sunshine</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Human Resources Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TEL [***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CELL [***]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">333 Twin Dolphin Drive, Suite&nbsp;600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Redwood City, CA 94065</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Information and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the proposed transaction, the Company expects to
file with the SEC a proxy statement on Schedule 14A, and it may also file other documents regarding the proposed transaction with the
SEC. Promptly after filing its definitive proxy statement with the SEC, the Company will mail the definitive proxy statement and a proxy
card to each stockholder entitled to vote at the special meeting relating to the proposed transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY THE PROXY
STATEMENT AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS
INCORPORATED BY REFERENCE THEREIN,&nbsp;IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION, RELATED MATTERS AND THE PARTIES TO THE PROPOSED TRANSACTION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may obtain a free copy of the proxy statement and other relevant
documents (if and when they become available) that are or will be filed with the SEC for free at the SEC&rsquo;s website at www.sec.gov.
Copies of the documents filed with the SEC by the Company will be available free of charge on the Company&rsquo;s website at https://investors.coherus.com/sec-filings
or by contacting the Company&rsquo;s Investor Relations Department at IR@coherus.com.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Participants in the Solicitation</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company and certain of its directors and executive officers and
other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction.
Information about the directors and executive officers of the Company, including a description of their direct or indirect interests,
by security holdings or otherwise, is set forth in the proxy statement for its 2024 Annual General Meeting, which was filed with the SEC
on April&nbsp;15, 2024 and other documents that may be filed from time to time with the SEC. Other information regarding the participants
in the proxy solicitations and a description of their direct and indirect interests in the proposed transaction, by security holdings
or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC regarding the proposed transaction
when such materials become available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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