Sorrento Therapeutics secures approval of three-prong bid procedures

By Sarah Lizee

Olympia, Wash., April 14 – Sorrento Therapeutics, Inc. secured court approval of bid procedures for its assets, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

The bid procedures apply to three separate potential transaction processes: a capital transaction, a stock sale and an asset sale.

The company said that, rather than focus solely on one potential monetization path, the debtors believe the best way to maximize value for their estates within the tight time and budget constraints of the Chapter 11 cases is to conduct a broad marketing process and solicit bids for any and all sale, financing and plan transactions.

The debtors have not designated a stalking horse bidder but may seek approval to do so.

Under the bid procedures, the initial bid deadline for the stock sale and the capital transaction is May 16, and the initial bid deadline for the asset sale is May 25.

The final bid deadline for the stock sale and the capital transaction is June 15, and the final bid deadline for the asset sale is June 29.

The auction and sale hearing dates are yet to be determined.

The biopharmaceutical company is based in San Diego. The company filed bankruptcy on Feb. 13 under Chapter 11 case number 23-90085.

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