Sorrento Therapeutics, Inc.: M&A transaction — Sorrento completes sale of Scilex stake for $110M; deconsolidates Scilex, cuts headcount

Sorrento Therapeutics, Inc.

Scilex acquired all Sorrento's Scilex shares for $110M (incl. $100M DIP assumption), plus $12.25M legal fees and $23M credit bid.
Sorrento no longer holds controlling interest; Scilex to be deconsolidated and presented as discontinued operations.
Terminated Oramed SPA (previous $105M stalking-horse bid) via mutual termination agreement on Sept 21, 2023.
Reduced workforce from 215 to 128 employees on Sept 20, 2023.

item 1.01 item 1.02 item 2.01 item 9.01 item 7.01 item 8.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Sorrento Therapeutics, Inc. completed a disposition involving Scilex Holding Company for $110 million, paid as follows: (x) $5 million in cash that was paid on September 14, 2023, (y) the assumption by Scilex ... of the approximately $100 million of (closed 2023-09-21).

Action: disposition
Counterparty: Scilex Holding Company
Consideration: $110 million, paid as follows: (x) $5 million in cash that was paid on September 14, 2023, (y) the assumption by Scilex ... of the approximately $100 million of
Closing: 2023-09-21

Exact text from the filing

On September 21, 2023, the Company completed the disposition of the Transfer Securities to Scilex on the terms contemplated by the Scilex SPA.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Sorrento Therapeutics, Inc. entered into Stock Purchase Agreement with Scilex Holding Company valued at Aggregate consideration of $110 million in cash and assumption of obligations, plus assumption of le (effective 2023-09-21).

Action: entry
Agreement: equity purchase
Counterparty: Scilex Holding Company
Value: Aggregate consideration of $110 million in cash and assumption of obligations, plus assumption of le
Effective: 2023-09-21

Exact text from the filing

On September 21, 2023, as contemplated by the Scilex Term Sheets, Sorrento and Scilex entered into that certain Stock Purchase Agreement (the " Scilex SPA ") and simultaneously consummated the Securities Transfer pursuant thereto (the " Closing ").

View on SEC.gov

Browse all m&a transactions →

Source: SEC EDGAR

accession 0001104659-23-103911

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.