Tangled in bankruptcy proceedings and legal tussle, Sorrento secures $75M to stay afloat

2023-02-22

免疫疗法专利侵权临床失败

Sorrento Therapeutics can keep the lights on for now. Days after filing its Chapter 11 paperwork, the San Diego-based biotech said a bankruptcy court in Texas has granted interim approval for a $75 million financing that will fund its operations while it sorts out its financial troubles. Chief among those is having its former partners at NantCell, founded by biotech billionaire Patrick Soon-Shiong, breathe down its neck. As a years-long legal battle over a joint venture culminated in an arbitrator awarding NantCell close to $157 million in contractual damages — a collection of which its parent company, ImmunityBio, vowed to “pursue vigorously” — Sorrento said it “sought chapter 11 relief to safeguard its business and ensure the continuation of business operations, while protecting and maximizing value for stakeholders.” Although Sorrento disagreed with the ruling, it also noted that under the order, interests would stack up quickly at 10% per year. NantCell and Sorrento had created a joint venture called NANTibody in 2015 to develop new immunotherapies. But Sorrento also inked a deal around the same time, for $90 million upfront, to sell its formulation of paclitaxel, dubbed Cynviloq, to another Soon-Shiong company called NantPharma. And it’s accusing NantPharma for concocting a “catch-and-kill” scheme around that drug to protect Soon-Shiong’s interests in Abraxane, a paclitaxel already on the market. Arbitration around that case against NantPharma is still pending, Sorrento previously noted. As of the Chapter 11 filing, Sorrento counted around $1 billion in assets. JMB Capital Partners provided the latest financing.

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