Yuhan and Sorrento Therapeutics form joint venture - ImmuneOncia

US clinical-stage biopharma firm Sorrento Therapeutics (Nasdaq: SRNE) and South Korea’s Yuhan Corp (KS: 000100) have entered into an agreement to form a joint venture company - named ImmuneOncia Therapeutics - to develop and commercialize a number of immune checkpoint antibodies against undisclosed targets for both hematological malignancies and solid tumors.

The creation of ImmuneOncia marks an important milestone in strengthening the presence of both companies in the dynamic field of immuno-oncology. Closing of the transaction is subject to customary closing conditions.

A recent report has predicted that the annual market for immunotherapies, consisting of anti-checkpoint antibodies, vaccines, and cell therapies, will exceed $35 billion while becoming the backbone of treatment for up to 60% of cancers over the next decade. ImmuneOncia will benefit from Sorrento's leading immunotherapy product portfolio as well as its manufacturing capabilities. The joint venture will also take advantage of Yuhan's world-class experience in R&D. ImmuneOncia will focus on advancing novel immunotherapies consistent with its mission of bringing safe and effective treatments for unmet medical needs to patients worldwide.