If your question is still relevant:
The simple answer is yes. I have not used Oracle Coherence myself (mainly because the licensing makes it uninteresting for my company) but it definitely seems like a competent solution for ASP.NET applications. I have taken a look at it when evaluating a couple of distributed caching solutions, and I would say it s one of four solutions that seem really interesting that s targeting .NET.
You might want to check out Microsoft AppFabric Caching, ScaleOut StateServer and Alachisoft NCache as well. They all support ASP.NET Session state and have good .NET client APIs according to my experience. Which caching solution to choose depends on what you want your distributed cache to do, let me know if I can be of any help.