Sorrento Therapeutics In South Korean Joint Venture

San Diego-based biopharmaceuticals developer Sorrento Therapeutics and South Korean pharmaceuticals firm Yuhan Corporation said today that they have formed a new joint venture, ImmuneOncia Therapeutics. The companies said that the new company will develop and commercialize a number of immune checkpoint antibodies against undisclosed targets for both hematological malignancies and solid tumors. The two said that Yuhan will initially invest $10M in ImmuneOncia, with Sorrento giving the new company an exclusive license for one of their immune checkpoint antibodies for a number of countries, while retaining its rights for the US, European, and Japanese market. Yuhan will own 51 percent of the new joint venture.