Oramed to acquire Scilex securities from Sorrento for $105M; provides $100M DIP loan

ORAMED PHARMACEUTICALS INC.

Oramed will purchase Scilex common and preferred stock plus warrants from Sorrento for $105M total.
Consideration includes a dollar-for-dollar credit bid of outstanding obligations under a $100M replacement DIP facility.
Sorrento is in Chapter 11; transaction subject to Bankruptcy Court approval, auction, and closing by Sept 30, 2023.
Oramed is providing $100M senior secured super-priority DIP loan to Sorrento and Scintilla at 15% interest.
Oramed will receive rights to Scilex Series A preferred stock and governance control via proxy and call option.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ORAMED PHARMACEUTICALS INC. entered into Stock Purchase Agreement with Sorrento Therapeutics, Inc. valued at $105,000,000 (effective 2023-08-07).

Action: entry
Agreement: equity purchase
Counterparty: Sorrento Therapeutics, Inc.
Value: $105,000,000
Effective: 2023-08-07

Exact text from the filing

entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”), between the Company and Sorrento Therapeutics, Inc., a Delaware corporation (the “Seller”), pursuant to which, upon the terms and subject to the conditions set forth therein, the Company will acquire certain securities of Scilex Holding Company (“Scilex”) owned by the Seller

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ORAMED PHARMACEUTICALS INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-064786

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