Sorrento Therapeutics closes sale of ImmuneOncia shares to Yuhan

By Sarah Lizee

Olympia, Wash., Nov. 3 – Sorrento Therapeutics, Inc. closed the sale of its shares in ImmuneOncia Therapeutics Inc. to Yuhan Corp. on Thursday, according to a notice filed with the U.S. Bankruptcy Court for the Southern District of Texas.

ImmuneOncia Therapeutics is a joint venture between Yuhan and Sorrento.

Yuhan offered to purchase the shares for $20 million in cash plus assumed liabilities.

The company said it is running out of cash and has an urgent need for liquidity to pay administrative expenses and provide additional runway for the debtors.

The sale was approved by the court on Wednesday.

The biopharmaceutical company is based in San Diego. The company filed bankruptcy on Feb. 13, 2023 under Chapter 11 case number 23-90085.

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