Sorrento to partner with Nantworks founder Patrick Soon-Shiong on immunomodulatory antibodies
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.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
More on this story...
Today's issue
Company Spotlight
More Features in Biotechnology
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze