Scilex, Sorrento deal

Sorrento acquired about 72% of Scilex for up to $47.6 million in cash and stock. The companies terminated an August binding agreement whereby Sorrento was acquiring the entire company for up to $70 million. The 72% stake is broken into three parts: 10% of the total was paid in 752,481 shares of Sorrento stock at $6.33 per share, or about $4.8 million; an additional 10% will be paid in stock upon FDA’s acceptance of a resubmitted NDA for Scilex’s ZTlido 1.8% lidocaine patch to treat postherpetic neuralgia; and the remaining 80% will be paid in cash or stock upon FDA approval of ZTlido...