{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-23-103911","form_type":"8-K","ticker":null,"cik":"0000850261","company_name":"Sorrento Therapeutics, Inc.","filed_at":"2023-09-26T23:59:59+00:00","discovered_at":"2026-05-14T18:03:36.787203+00:00","generated_at":"2026-06-10T09:03:12.054974+00:00","sec_items":["1.01","1.02","2.01","9.01","7.01","8.01"],"event_type":"m_and_a","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Sorrento completes sale of Scilex stake for $110M; deconsolidates Scilex, cuts headcount","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-23-103911","json":"https://secwatch.observer/filing/0001104659-23-103911.json","markdown":"https://secwatch.observer/filing/0001104659-23-103911.md","text":"https://secwatch.observer/filing/0001104659-23-103911.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/850261/000110465923103911/0001104659-23-103911-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/850261/000110465923103911/tm2326887d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-10T09:03:12.054974+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"cc84ad359415911507fd45d3df2b482fd237890e","claim":"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).","evidence_excerpt":"On September 21, 2023, the Company completed the disposition of the Transfer Securities to Scilex on the terms contemplated by the Scilex SPA.","evidence_source":"SEC 8-K Item 2.01/5.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/850261/000110465923103911/0001104659-23-103911-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"disposition"},{"label":"Counterparty","value":"Scilex Holding Company"},{"label":"Consideration","value":"$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"},{"label":"Closing","value":"2023-09-21"}],"fact_type":"ma_transaction"},{"claim_id":"6c6b37450a93cf489035153abe5c96f3d8dd801b","claim":"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).","evidence_excerpt":"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 \").","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/850261/000110465923103911/0001104659-23-103911-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"Scilex Holding Company"},{"label":"Value","value":"Aggregate consideration of $110 million in cash and assumption of obligations, plus assumption of le"},{"label":"Effective","value":"2023-09-21"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}