October 11, 2023
Sorrento Therapeutics Inc. has asked a Texas bankruptcy judge to approve a sale of its stake in a joint venture with pharmaceutical company Yuhan Corp. to the South Korean firm for $20 million, citing an immediate need for liquidity to cover Chapter 11 expenses.
September 12, 2023
Bankrupt drug developer Sorrento Therapeutics received a Texas court's approval Tuesday for subsidiary Scilex Holding Co. to buy its own stock back from its parent for $110 million after the original buyer said closing conditions weren't met for its court-approved acquisition.
August 25, 2023
Bankrupt drug developer Sorrento Therapeutics received approval Friday in Texas court for a $105 million sale of its stake in subsidiary Scilex Holding Co. after a bankruptcy judge declined to reopen the auction for those assets as requested by other Scilex shareholders who wished to make a bid.
August 07, 2023
Bankrupt drug developer Sorrento Therapeutics secured a Texas judge's approval Monday for a $100 million emergency replacement of an expired debtor-in-possession loan from Oramed Pharmaceuticals, after the debtor set aside a proposed $200 million offer for stock in non-debtor affiliate Scilex Holding Co.
August 01, 2023
Bankrupt drug developer Sorrento Therapeutics told a Texas judge Tuesday that its planned $200 million sale of its equity in nondebtor subsidiary Scilex Holding Co. had hit a snag, forcing the debtor to explore other potential partners for a deal.
July 19, 2023
Bankrupt pharmaceutical company Sorrento Therapeutics asked a Texas judge for a ruling that the Chapter 11 automatic stay applies to a state court employment suit against its CEO because the debtor is obligated to indemnify the executive for his defense costs.
July 14, 2023
Bankrupt drug developer Sorrento Therapeutics' debtor-in-possession lender asked a Texas bankruptcy court Friday to reject Sorrento's request to settle an investor adversary action with a stock offering, saying both the lawsuit and the stock are its collateral.
July 05, 2023
Bankrupt drug developer Sorrento Therapeutics Inc. received court approval Wednesday for a $20 million debtor-in-possession financing package that will provide additional liquidity for the company as it pursues a sale and marketing process.
July 03, 2023
Sorrento Therapeutics is seeking approval of a second debtor-in-possession financing loan in its Chapter 11 case, saying the $75 million DIP it obtained at the outset of its Chapter 11 case in February is set to run out this week.
March 27, 2023
Sorrento Therapeutics reached a deal Monday with a shareholder group to allow an official equity committee in its Chapter 11 case at a hearing where a Texas bankruptcy judge expressed doubts about the pharmaceutical research company's claimed valuation.