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2 years ago
CORRECTED-BRIEF-Sorrento Therapeutics says Nantworks agreed to buy Cynviloq
May 15, 2015 / 1:41 PM / 2 years ago

CORRECTED-BRIEF-Sorrento Therapeutics says Nantworks agreed to buy Cynviloq

(Corrects to remove deal value in headline)

May 15 (Reuters) - Sorrento Therapeutics Inc :

* Nantworks acquires Cynviloq(TM) for up to $1.3+ billion * Says under the terms of the agreement, Sorrento will receive more than $90 million in an up-front cash payment * Says Sorrento has the option to co-develop and/or co-market cynviloq on terms to be negotiated * Says Sorrento will also receive additional transfer pricing payments from total unit sales * Says Nantpharma, to acquire rights to Cynviloq through acquisition of Igdrasol, a unit of Sorrento * Says Sorrento will receive for more than $600 million in regulatory and $600 million in sales milestone payments

* Source text for Eikon * Further company coverage

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