Scilex Holding Company (Nasdaq: SCLX) announced it has signed a binding term sheet with iHolding Group LLP, a private investment group based in Almaty, Kazakhstan, for a proposed $100 million strategic investment.

Under the terms of the agreement, iHolding would purchase approximately 6,666,667 newly issued shares of Scilex common stock at $15.00 per share. Scilex said the proceeds would be directed toward product development and commercialization, acquisitions and strategic partnerships, intellectual property expansion, and general corporate purposes.

The transaction remains subject to completion of due diligence, execution of definitive agreements, board and stockholder approvals, and any required regulatory approvals.

In a joint statement, iHolding Chairman Alain Khoueiry and CEO Byron Byrd said the proposed investment "has the potential to become a significant strategic milestone, demonstrating the growing international capability of Kazakhstan-linked investment capital to participate in innovative healthcare and biotechnology opportunities."

iHolding described its focus as healthcare, technology, and cross-border strategic investments. The press release characterized the proposed deal as one of the largest Kazakhstan-origin healthcare investments into a U.S.-listed biopharmaceutical company in recent years, though no independent verification of that claim was provided.

Scilex is a Palo Alto, California-based company focused on non-opioid pain management products. Its commercial portfolio includes ZTlido, ELYXYB, and Gloperba, along with a pipeline of product candidates in various stages of clinical development.