---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-063876"
form_type: "8-K"
ticker: "ORMP"
cik: "0001176309"
company_name: "ORAMED PHARMACEUTICALS INC."
filed_at: "2023-08-07T23:59:59+00:00"
generated_at: "2026-06-12T03:47:18.168475+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-23-063876
- form_type: 8-K
- ticker: ORMP
- cik: 0001176309
- company_name: ORAMED PHARMACEUTICALS INC.
- filed_at: 2023-08-07T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1176309/000121390023063876/0001213900-23-063876-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1176309/000121390023063876/ea182967-8k_oramed.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-063876
- JSON: https://secwatch.observer/filing/0001213900-23-063876.json
- Plain text: https://secwatch.observer/filing/0001213900-23-063876.txt

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