Tuesday, December 16, 2014
Sorrento Therapeutics Gets Strategic Investment From NantWorks
San Diego-based oncology drug developer Sorrento Therapeutics has scored a strategic investment from NantWorks, the biotech research company led by Dr. Patrick Soon-Shiong. According to the two, the investment comes as part of a global, strategic collaboration around developing next generation immunotherapies for the treatment of cancer and auto-immune diseases. The two said they will create a joint venture, funded with $20M, which will focus on developing immunotherapy antibodies. As part of that deal, the companies said NantWorks will acquire a 19.9 percent stage in Sorrento, by purchasing common stock at $5.80 per share. NantWorks will also gain a 3-year warrant to purchase 1,724,138 shares of its common stock at $5.80 per share.