Sorrento Stock Deal Emerges Days Before It Runs Out of Cash
Sorrento Therapeutics Inc., which filed for bankruptcy in February after suffering shortseller attacks for prematurely saying it had developed a cure for Covid-19, received court approval to sell a major stake in its publicly traded subsidiary.
The San Diego-based company is set to sell its shares of Scilex Holding Co. back to Scilex after a previous deal fell through last-minute, according to court papers. Under the agreement, Scilex will pay Sorrento $110 million for the shares, with $5 million to be paid in advance. Hudson Bay Capital Management plans to fund the deal.
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Tobi Tarwater
Update: 2024-08-16