Sorrento Therapeutics (SRNE) Closes Acquisition of Majority Stake in Scilex Pharma
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Sorrento Therapeutics Closes Acquisition of Scilex
November 8, 2016 4:20 PM ESTSAN 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... More
