Sorrento finalizes takeover of Scilex Pharmaceuticals for ~$48M
Seeking Alpha
Published Nov 08, 2016 04:44PM ET
Sorrento finalizes takeover of Scilex Pharmaceuticals for ~$48M
- Sorrento Therapeutics (NASDAQ:SRNE) closes its acquisition of 72% of the outstanding shares of Scilex Pharmaceuticals for a net purchase price of ~$47.6M in cash and stock.
- Scilex's lead product candidate is ZTlido (lidocaine patch 1.8%), under development for the treatment of postherpetic neuralgia. Scilex originally filed a New Drug Application (NDA) with the FDA in July 2015 but it was rejected. The company met with the agency in late August and clarified a resubmission pathway. If all goes well, an action date (PDUFA) could happen in H2 2017.
- Under the terms of the transaction, Sorrento paid 10% upfront in the form of 752,481 newly issued common shares. It will pay another 10% in common shares upon the resubmission of the ZTlido NDA and the remaining 80% in either cash or stock upon FDA approval.
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