NantWorks ecosystem of companies member NantPharma has agreed to acquire a wholly owned subsidiary of Sorrento, Igdrasol, in a deal worth $1.3bn.

The deal will allow NantWorks to acquire the rights of Cynviloq (paclitaxel nanoparticle polymeric micelle) that is being developed by Igdrasol in a bio-equivalence trial.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Under the agreement, Sorrento will secure more than $90m up-front in cash from NantPharma, as well as $600m each in regulatory and sales milestone payments.

"Precision cancer medicine will require a multi-faceted treatment approach involving chemotherapy, immunotherapy, adoptive cellular therapy and next-generation precision medicine technologies, including such as genomics and proteomics diagnostics, which NantWorks is developing."

In addition, Sorrento will be eligible to receive additional transfer pricing payments from total unit sales and has the option to co-develop and co-market Cynviloq.

Sorrento Therapeutics president and CEO Dr Henry Ji said: "We are extremely pleased with the recent Cynviloq TRIBECA study results and excited that Dr Patrick Soon-Shiong and his NantPharma team plan to expand Cynviloq into multiple cancer indications, as well as combine it with immunomodulatory antibodies and cell therapies from Sorrento’s pipeline."

See Also:

Dr Patrick Soon-Shiong founded NantPharma and Abraxis BioScience. He was the inventor and developer of the blockbuster drug Abraxane (albumin-bound paclitaxel), which is currently approved to treat breast, lung and pancreatic cancers.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Soon-Shiong said: "Precision cancer medicine will require a multi-faceted treatment approach involving chemotherapy, immunotherapy, adoptive cellular therapy and next-generation precision medicine technologies, including such as genomics and proteomics diagnostics, which NantWorks is developing."

Sorrento is an oncology firm that develops new treatments for cancer and associated pain, while NantWorks is an umbrealla organisation that includes NantHealth, NantMobile, NantMedia, NantOmics, NantBioScience, NantCell, NantPharma, NantCapital and NantCloud.