NantWorks acquires Cynviloq for up to $1.3+ billion from Sorrento

US late-stage clinical oncology firm Sorrento Therapeutics (Nasdaq: SRNE) says that NantPharma, founded by Patrick Soon-Shiong and a member of the NantWorks ecosystem of companies, agreed to acquire the rights to Cynviloq through the acquisition of its wholly-owned subsidiary Igdrasol, which has been developing Cynviloq (paclitaxel nanoparticle polymeric micelle) in a bio-equivalence trial.

Under the terms of the agreement, Sorrento will receive more than $90 million in an up-front cash payment plus the potential for more than $600 million in regulatory and $600 million in sales milestone payments. Sorrento will also receive additional transfer pricing payments from total unit sales. Furthermore, Sorrento has the option to co-develop and/or co-market Cynviloq on terms to be negotiated. Sorrento's shares rocketed 15.7% to $13.31 ib the nesws on Friday.

Plans to expand Cynviloq into multiple cancer indications