Sorrento Therapeutics Closes Acquisition of Scilex
November 8, 2016
SAN DIEGO, Nov. 8, 2016 /PRNewswire/ — Sorrento Therapeutics, Inc. (NASDAQ: SRNE; “Sorrento”) and Scilex Pharmaceuticals Inc. (“SCILEX”) announced today the closing of a transaction by which Sorrento acquired a majority of SCILEX. Sorrento acquired approximately 72% of the outstanding common stock of SCILEX for a net purchase price of up to approximately $47.6 million, payable in a combination of cash and shares of Sorrento common stock. Further, the U.S. Food & Drug Administration (“FDA”) recently provided clear feedback related to the resubmission of the new drug application (“NDA”) for SCILEX’s lead product candidate, ZTlido™ (lidocaine patch 1.8%), a branded lidocaine patch formulation being developed for the treatment of post-herpetic neuralgia, the chronic pain that sometimes develops with shingles.