Sorrento to partner with Nantworks founder Patrick Soon-Shiong on immunomodulatory antibodies

15 December 2014

Oncology specialist Sorrento Therapeutics (Nasdaq: SRNE) has entered into a binding agreement with medical technology company NantWorks founder, Patrick Soon-Shiong.

NantWorks and Sorrento will establish a global strategic collaboration to jointly develop immunotherapies for the treatment of cancer and auto-immune diseases. NantWorks, through a subsidiary, and Sorrento, intend to establish the first joint venture – "The Immunotherapy Antibody JV" – as an independent biotechnology company with $20 million initial joint funding.

Dr Soon-Shiong’s affiliated entity will acquire a 19.9% equity stake in Sorrento through the purchase of common stock at $5.80 per share, which was Sorrento’s closing share price on December 12. Sorrento also granted Dr Soon-Shiong a three-year warrant to purchase 1,724,138 shares of common stock at an exercise price of $5.80 per share.

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