---
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"
generated_at: "2026-06-10T09:03:12.054974+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Sorrento completes sale of Scilex stake for $110M; deconsolidates Scilex, cuts headcount

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-103911
- form_type: 8-K
- cik: 0000850261
- company_name: Sorrento Therapeutics, Inc.
- filed_at: 2023-09-26T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 1.02, 2.01, 9.01, 7.01, 8.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-103911
- JSON: https://secwatch.observer/filing/0001104659-23-103911.json
- Plain text: https://secwatch.observer/filing/0001104659-23-103911.txt

## Key facts
- M&A Transactions
  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
  source text: On September 21, 2023, the Company completed the disposition of the Transfer Securities to Scilex on the terms contemplated by the Scilex SPA.
  evidence_url: https://www.sec.gov/Archives/edgar/data/850261/000110465923103911/0001104659-23-103911-index.htm
- Material Agreements
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/850261/000110465923103911/0001104659-23-103911-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.