NantWorks to acquire Cynviloq for over $1.2 Bln
Saturday, May 16, 2015
Oncology company Sorrento Therapeutics, Inc. ( SRNE ) Friday said NantPharma agreed to acquire the rights to Cynviloq through the acquisition of Igdrasol, Inc., a wholly-owned subsidiary of Sorrento. Igdrasol has been developing Cynviloq (paclitaxel nanoparticle polymeric micelle) in a bio-equivalence trial.
Sorrento will receive more than $90 million in an up-front cash payment plus the potential for more than $600 million in regulatory and $600 million in sales milestone payments. Sorrento will also receive additional transfer pricing payments from total unit sales, and has the option to co-develop and/or co-market Cynviloq on terms to be negotiated.
NantPharma was founded by Dr. Patrick Soon-Shiong and is a member of the NantWorks ecosystem of companies. Dr. Soon-Shiong was the founder of Abraxis BioScience and inventor and developer of the blockbuster drug Abraxane (albumin-bound paclitaxel), approved for the treatment of breast, lung, and pancreatic cancers.
nasdaq.com
