Oramed signs non-binding term sheet to acquire Scilex securities from Sorrento for $105M; to provide $100M DIP facility

ORAMED PHARMACEUTICALS INC.

Purchase price of $105M for Scilex common (59.7M shares), Series A preferred (29.1M shares), and warrants.
Oramed to provide $100M Replacement DIP Facility to refinance Sorrento's existing $82M DIP; credit bid for purchase.
Option to purchase up to 2,259,058 additional Scilex shares at $1.13 per share within 30 days of transferability.
Stalking horse protections: break-up fee of $3.4125M and expense reimbursement up to $1M if outbid.
Transaction subject to Bankruptcy Court approval, definitive documentation, and possible higher competing bids.

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