Sorrento Therapeutics agreed to sell its drug candidate Cynviloq (paclitaxel nanoparticle polymeric micelle) for up to $1.3 billion to NantPharma.
Sorrento said it will receive more than $90 million in upfront cash, plus up to more than $600 million in payments tied to achieving regulatory milestones, and up to another $600 million based on reaching sales milestones.
Sorrento will also receive additional transfer pricing payments from total unit sales.
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Sorrento has the option to co-develop and/or co-market Cynviloq on terms to be negotiated.
NantPharm will obtain Cynviloq by acquiring Sorrento subsidiary Igdrasol, which has been developing Cynviloq in a bio-equivalence trial.
Cynviloq is a new nanoparticle formulation of paclitaxel free of donor derived human serum albumin.
The deal for Cynviloq comes after Sorrento and NantWorks formed a global joint venture, called NANTibody, to focus on immunotherapies for cancer back in December.
Three months later in March, Sorrento entered into a global collaboration with another NantWorks company, NantCell, to discover and develop immunotherapies against tumor neo-epitopes.