Coherus BioSciences Inc. filed SEC Form 8-K: Leadership Update
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Departure of Paul Reider as Chief Commercial Officer
Paul Reider notified Coherus BioSciences, Inc. (the “Company”) on April 16, 2025 of his resignation as Chief Commercial Officer and employee of the Company effective on April 30, 2025 in order to pursue other opportunities following the completion of the Company’s divestiture of its UDENYCA franchise, the Company’s last biosimilar product. Mr. Reider’s resignation is not due to any disagreement with the Company on any matter relating to the Company’s operations, financial statements, internal controls, auditors, policies or practices.
In connection with his resignation, pursuant to a letter agreement (the “Letter Agreement”) that the Company expects to enter into with Mr. Reider, he is expected to receive (1) continued payment of base salary for a period of 12 months, (2) COBRA coverage reimbursement through December 31, 2026, (3) an extension of the vesting period for all unvested stock options, performance stock options and restricted stock units as if Mr. Reider continued as an employee through December 31, 2026, (4) an extension of the period in which Mr. Reider can exercise his stock options and performance stock options in connection with his resignation to be up to three months after January 1, 2027 and (5) payment of Mr. Reider’s corporate bonus for work performed in fiscal year 2024 at the same time such bonuses are paid to other employees of the Company. The benefits described above are in consideration for, and contingent upon, among other things, Mr. Reider’s agreement to a standard release of claims in favor of the Company. Mr. Reider is expected to continue to advise the Company’s executive leadership team after the effective date of his resignation on a part-time basis until April 30, 2026.
The foregoing description of the Letter Agreement is a summary and is qualified in its entirety by reference to the Letter Agreement, a copy of which will be attached as an exhibit to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2025 that will be filed with the Securities and Exchange Commission after the Letter Agreement is executed.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 22, 2025 |
| COHERUS BIOSCIENCES, INC. | |
By: | /s/ Dennis M. Lanfear | ||
Name: | Dennis M. Lanfear | ||
Title: | Chief Executive Officer | ||