On April 4, 2016, Sorrento Therapeutics, Inc. (NASDAQ: SRNE) announced that it entered into definitive agreements for up to $150 million with institutional investors and Yuhan Corporation, the company’s strategic corporate partner. Most recently, the agreements escalated and were finalized on private placements of common stocks and warrants worth $150 million. Sorrento is an antibody-centric, clinical stage biopharmaceutical company developing safe and efficient therapies for cancer and other medical requirements, as well as for autoimmune, inflammation, and oncology related diseases.
In the news release, president and CEO of Sorrento Therapeutics, Inc., Dr. Henry Ji, stated, “The completion of this significant financing despite the highly volatile and difficult US biotech capital markets enables the development of our internal pipeline as well as the strengthening of Sorrento’s partnership strategy for drug development in Asia and expanding it on a global basis.”
Ally Bridge Group (“ABG”), Beijing Shijilongxin Investment Co., Ltd. (“Beijing Shijilongxin”), and FREJOY Investment Management Co., Ltd. (“Frejoy”) bought over two million shares of Sorrento’s common stock between them at $5.55 per share. The above have pledged to buy a total of over five million shares of common stock equated to $140 million. ABG, the global healthcare-focused investment group in Hong Kong, led the financing.
“Sorrento is very pleased to have the support of such a strong group of strategic and financial investors led by Ally Bridge Group,” continued Ji.
Frank Yu, founder and CEO of Ally Bridge Group, responded, “Ally Bridge Group has been working closely with Dr. Ji and Sorrento’s management over the last few months in bringing together a syndicate of strategic and financial investors – not just with financing but – more importantly – new drug development partnerships from Korea to China.” He continued, “We are confident in the management team and its corporate strategy of leveraging internal technologies and global partnerships to unlock and maximize its value for the shareholders.”
The shares mentioned above have not been registered under the Securities Act of 1993. Therefore, they cannot be sold in the U.S or to a citizen of the United States.
For more information, visit www.SorrentoTherapeutics.com
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