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ARTICLE | Company News

Sorrento planning pain spinout

August 16, 2016 7:00 AM UTC

Sorrento Therapeutics Inc. (NASDAQ:SRNE) plans to spin out its Scintilla Pharmaceuticals Inc. subsidiary as an independent company focused on pain management. The separation is due to occur when Scintilla closes its acquisitions of Semnur Pharmaceuticals Inc. (Los Altos, Calif.) and Scilex Pharmaceuticals Inc. (West Chester, Pa.).

Scintilla said Monday that it will acquire Semnur for $40 million in cash and $20 million in Sorrento shares up front. Semnur's shareholders are eligible for $140 million in milestones. The company's investors included Frazier Healthcare Partners, Vivo Capital and Canaan Partners. ...