Scilex Holding Company Announces The Consummation Of The Previously Announced Purchase Of All Of The Scilex Common Shares, Preferred Shares And Warrants Owned By Sorrento Therapeutics, Inc.
Portfolio Pulse from Benzinga Newsdesk
Scilex Holding Company (NASDAQ:SCLX) has completed the purchase of all Scilex common shares, preferred shares, and warrants owned by Sorrento Therapeutics, Inc. (OTC:SRNEQ). The deal, which was previously announced, includes a $110 million payment, assumption of $100 million in Sorrento's debt, and legal fees of approximately $12.25 million.
September 21, 2023 | 8:15 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Sorrento Therapeutics has sold all its Scilex shares and warrants to Scilex, which could potentially impact its financial position.
The sale of all Scilex shares and warrants owned by Sorrento could potentially impact Sorrento's financial position. This could lead to decreased investor confidence and a potential drop in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Scilex has completed a significant acquisition, which could potentially strengthen its position in the non-opioid pain management market.
The acquisition of all Scilex shares and warrants owned by Sorrento could potentially strengthen Scilex's position in the non-opioid pain management market. This could lead to increased investor confidence and a potential rise in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100