Sorrento Therapeutics, Inc.NASDAQ
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  • Wed, Nov. 16, 3:47 PM
    • Sorrento Therapeutics (SRNE -4.6%) subsidiary TNK Therapeutics inks an agreement to acquire Glasgow, Scotland-based Virttu Biologics Ltd.
    • Privately held Virttu's lead product candidate is a oncolytic immunotherapy based on a modified version of the human herpes simplex virus (HSV-1) called SEPREHVIR. It is designed to kill cancer cells and elicit an anti-tumor immune response.
    • Under the terms of the agreement, Virttu shareholders will receive $5M in Sorrento stock at closing, expected in Q1 2017, and $20M in TNK stock within 12 months following the next round of financing.
    | Wed, Nov. 16, 3:47 PM
  • Tue, Nov. 8, 4:44 PM
    • Sorrento Therapeutics (NASDAQ:SRNE) closes its acquisition of 72% of the outstanding shares of Scilex Pharmaceuticals for a net purchase price of ~$47.6M in cash and stock.
    • Scilex's lead product candidate is ZTlido (lidocaine patch 1.8%), under development for the treatment of postherpetic neuralgia. Scilex originally filed a New Drug Application (NDA) with the FDA in July 2015 but it was rejected. The company met with the agency in late August and clarified a resubmission pathway. If all goes well, an action date (PDUFA) could happen in H2 2017.
    • Under the terms of the transaction, Sorrento paid 10% upfront in the form of 752,481 newly issued common shares. It will pay another 10% in common shares upon the resubmission of the ZTlido NDA and the remaining 80% in either cash or stock upon FDA approval.
    | Tue, Nov. 8, 4:44 PM
  • Wed, Aug. 17, 7:23 AM
    • Sorrento Therapeutics (NASDAQ:SRNE) subsidiary Scintilla Pharmaceuticals inks a binding term sheet to acquire privately held Semnur Pharmaceuticals. Under the terms of the agreement, Semnur will receive an upfront payment of $60M ($40M in cash + $20M in SRNE common stock) and up to $140M in milestones.
    • The Los Altos, CA-based firm's lead product candidate is Phase 2-stage resiniferatoxin (the active ingredient in chili peppers) a non-opioid pain medication for the treatment of intractable cancer pain (and lower back pain according to Semnur's website).
    | Wed, Aug. 17, 7:23 AM
  • May 15, 2015, 10:59 AM
    • NantWorks LLC member company NantPharma acquires the rights to Sorrento Therapeutics' (SRNE +16.8%) Cynviloq (paclitaxel polymeric micelle for injection) through its takeover of Sorrento subsidiary Igdrasol. Under the terms of agreement, Sorrento will receive an upfront payment of $90M, more than $600M in regulatory milestones, $600M in sales-based milestones and additional transfer payments from total unit sales.
    • Cynviloq is going after Celgene's (CELG +0.3%) Abraxane (paclitaxel protein-bound particles for injectable suspension)(albumin-bound) which generated almost $900M in sales over the past four quarters.
    • NantWorks LLC, founded by Abraxane inventor Dr. Patrick Soon-Shiong, has a close relationship with Sorrento. They announced a joint venture, Nantibody LLC, in December to develop immunotherapies for cancer and autoimmune diseases. Under the terms of the JV, Nantibody established a 19.9% equity stake in Sorento with warrants to purchase over 1.7M additional shares.
    • Sorrento entered into a collaboration with another NantWorks company, NantCell LLC, in March also focused on cancer immunotherapies.
    • Previously: Sorrento Therapeutics inks second collaboration deal with Nantworks (March 16)
    • Previously: Sorrento up on news of collaboration with Abraxane inventor (Dec. 15, 2014)
    | May 15, 2015, 10:59 AM | 16 Comments