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ARTICLE | Company News

NantWorks, Sorrento form immuno-oncology JV

December 16, 2014 3:17 AM UTC

Patrick Soon-Shiong's NantWorks LLC (Los Angeles, Calif.) and Sorrento Therapeutics Inc. (NASDAQ:SRNE) formed a joint venture to study cancer immunotherapies. The companies will jointly supply $20 million to create "The Immunotherapy Antibody JV," combining NantWorks' genomic and molecular profiling technology with Sorrento's G-MAB antibody platform.

NantWorks will also acquire a 19.9% equity stake in Sorrento by purchasing $41.7 million worth of stock at Friday's closing price of $5.80. Sorrento also granted NantWorks a three-year warrant to purchase 1.7 million additional shares at $5.80. ...