Sorrento sues NantWorks' Soon-Shiong over alleged 'catch and kill' scheme
Sorrento filed two lawsuits against Patrick Soon-Shiong and companies under his NantWorks umbrella for allegedly buying cancer therapy Cynviloq, a potential competitor to Abraxane nab-paclitaxel, through a "catch and kill" scheme to prevent it from reaching the market.
In 2015, Sorrento Therapeutics Inc. (NASDAQ:SRNE) sold its Igdrasol Inc. subsidiary to NantWorks LLC (Los Angeles, Calif.) for $90 million up front plus more than $1.2 billion in potential milestones. The deal included Cynviloq, an injectable nanoparticle formulation of paclitaxel that was in the pivotal TRIBECA trial to determine bioequivalence to Abraxane. Celgene Corp. (NASDAQ:CELG) acquired rights to Abraxane through its acquisition of Soon-Shiong's Abraxis BioScience Inc., and Soon-Shiong became a shareholder in Celgene (see "Sorrento Rises on NantWorks Deal")...