SAN DIEGO, March 17, 2023
/PRNewswire/ -- Sorrento Therapeutics, Inc. (OTC: SRNEQ, "Sorrento"), a
biopharmaceutical company dedicated to the development of life-saving
therapeutics to treat cancer, announced that on March 16, 2023, the LA County Superior Court confirmed an arbitration award of $125 million
in damages, to be paid by NantPharma, LLC ("NantPharma"). The award
reflects the values of lost milestones for the approval of the drug
Cynviloq® for the treatment of breast and lung cancers.
Dr. Henry Ji,
Ph.D., Chairman and Chief Executive Officer of Sorrento, commented: "We
are pleased that the Court has affirmed the result of the arbitration
against NantPharma and has awarded $125 million
in damages to Sorrento. From here, we remain focused on our important
work of developing new and innovative therapies for patients struggling
with cancer, intractable pain, infectious disease, and more."
award stems from an arbitration between Sorrento and NantPharma
regarding the development of chemotherapy drug Cynviloq, the rights to
which NantPharma acquired from Sorrento in 2015. In 2019, Sorrento filed
an arbitration demand against NantPharma, alleging that the company had
failed to live up to its contractual obligations to develop Cynviloq
and bring it to market.
On December 19, 2022,
following nearly two years of discovery and an 18-day evidentiary
hearing, the Honorable Faith Hochberg, whom the parties selected to
preside over the Cynviloq Arbitration, awarded Sorrento $125 million in damages. On March 16, 2023,
the LA County Superior Court granted Sorrento's motion to confirm the
award, which Sorrento now intends to enforce against NantPharma.