Tuesday, August 16, 2016
Sorrento Therapeutics Acquires Semnur Pharmaceuticals For Up To $200M
San Diego-based Sorrento Therapeutics said Monday that its subsidiary, Scintilla Pharmaceuticals, ahs acquired cancer pain pharmaceuticals developer Semnur Pharmaceuticals. Sorrento said it will pay $60M, split between $40M in cash and $20M in stock, with additional cash consideration of up to $140M based on development, product approval, and commercial milestones. Semnur's lead product is a non-opiate epidural steroid injectable to treat chronic back pain. Semnur was based in Los Altos, California.