Scintilla Pharmaceuticals To Acquire Semnur Pharmaceuticals
Scintilla Pharmaceuticals, a subsidiary of Sorrento Therapeutics, will acquire Semnur Pharmaceuticals, based in Los Altos, California. The acquisition is contingent upon customary closing conditions. Scintilla will pay Semnur’s equity holders an initial payment of $60 million, consisting of $40 million in cash and $20 million in shares of common stock of Sorrento. Additional cash consideration of up to $140 million may be paid by Scintilla to Semnur’s equity holders upon achievement of certain development, product approval and commercial milestones.
Semnur is a specialty pharmaceutical company focused on non-opioid products for pain management. Its lead program is resiniferatoxin for treating intractable cancer pain.
On August 8, 2016, Scintilla announced that it will acquire Scilex Pharmaceuticals, a Malvern, Pennsylvania-based drug delivery technology company focused on pain management. Following the closings of both announced acquisitions, Scintilla will operate as a stand-alone company focused on pain management.
Source: Sorrento Therapeutics