LA Times Owner 'Caught And Killed' Cancer Drug, Suit Says

Law360 (April 3, 2019, 10:51 PM EDT) -- Billionaire Patrick Soon-Shiong and his immunology company engaged in a "catch and kill" scheme to buy a cancer drug in order to keep it off the market and maintain a monopoly for his own drug, Sorrento Therapeutics alleged in a lawsuit filed Wednesday in California state court.

NantPharma, one of the many subsidiaries of Soon-Shiong's Nant group of companies, bought the rights to Sorrento's cancer drug Cynviloq in 2015 for $90 million in cash, plus $1.2 billion in additional payments if regulatory goals were met, including U.S. Food and Drug Administration approval, according to the suit.

Before the acquisition, in November...

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