{"id":783791,"date":"2023-09-13T11:23:28","date_gmt":"2023-09-13T15:23:28","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/"},"modified":"2023-09-13T11:23:28","modified_gmt":"2023-09-13T15:23:28","slug":"scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/","title":{"rendered":"Scilex Holding Company Enters into Non-Binding Term Sheets for the Purchase of all of the Scilex Common Shares, Preferred Shares, and Warrants Currently Owned by Sorrento Therapeutics, Inc. and is Declared the New Successful Bidder"},"content":{"rendered":"
\n

PALO ALTO, Calif., Sept. 13, 2023 (GLOBE NEWSWIRE) — Scilex Holding Company (Nasdaq: SCLX, \u201cScilex\u201d or \u201cCompany\u201d), a majority-owned subsidiary of Sorrento Therapeutics, Inc. (OTC: SRNEQ, \u201cSorrento\u201d), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, announced that on September 11, 2023, Scilex, Oramed Pharmaceuticals Inc. (Nasdaq: ORMP, \u201cOramed\u201d) and Sorrento executed non-binding term sheets relating to, among other things, the Securities Transfer (as defined below) (the \u201cSecurities Transfer Term Sheet\u201d) (which the official committee of unsecured creditors and the official committee of equity security holders in Sorrento\u2019s bankruptcy cases have each signed as \u201cConsenting Parties\u201d thereto) and the Note (as defined below) (the \u201cNote Term Sheet\u201d and together with the Securities Transfer Term Sheet, the \u201cScilex Term Sheets\u201d). After a hearing before the Bankruptcy Court in Sorrento\u2019s bankruptcy cases on September 12, 2023, such court entered a final order approving the Scilex Term Sheets. The Scilex Term Sheets are subject to entry into definitive documentation relating thereto. The transactions contemplated by the Scilex Term Sheets are expected to close on or about September 19, 2023.\u00a0\u00a0<\/p>\n

Pursuant to the Securities Transfer Term Sheet, the parties to the Securities Transfer Term Sheet agreed that the Company would be declared the new successful bidder and would acquire all of the shares of Scilex common stock owned by Sorrento (other than such shares held in abeyance by Sorrento on behalf of certain warrant holders of Sorrento), (ii) all of the shares of Scilex preferred stock owned by Sorrento, and (iii) all of the warrants for the purchase of shares of Scilex common stock owned by Sorrento (the \u201cTransfer Warrants\u201d)(collectively, the \u201cSecurities Transfer\u201d) for aggregate consideration consisting of: (i) $110 million (comprised of cash payments of $10 million and assumption of certain indebtedness of Sorrento in the amount of $100 million); plus (ii) the assumption by the Company of certain legal fees and expenses in the amount of approximately $12.25 million; plus (iii) a credit bid of all amounts owed to the Company under the junior secured term loan facility provided by the Company to Sorrento.<\/p>\n

The Note Term Sheet provides that, among other things, the Company will issue a senior secured note to Oramed in an amount equal to the unpaid principal and accrued and unpaid interest under Sorrento\u2019s $100 million senior secured debtor in possession term loan facility with Oramed (as noted above, the original aggregate principal amount of such facility is $100 million), secured by a senior lien on substantially all of the Company\u2019s assets, subject to certain exclusions as set forth in the Note Term Sheet (the \u201cNote\u201d).\u00a0\u00a0<\/p>\n

\u201cThis transaction is a testament to our significant execution over the past few years as well as our board\u2019s confidence in our multi-faceted strategy to continue to build long term value for our shareholders. Approximately four years ago, we successfully merged Semnur Pharmaceuticals and Scilex Pharmaceuticals into Scilex Holding Company. On November 10, 2022, we completed our business combination to become a public company and began trading on Nasdaq on November 11, 2022. Our achievements over these past years demonstrates the ability of our management team to execute on its goals.\u00a0 This transaction reinforces the confidence we have in our strategy and our commitment to deliver long-term value to our shareholders,\u201d said Jaisim Shah, President and Chief Executive Officer of Scilex.<\/p>\n

\n About Scilex Holding Company <\/strong>\n <\/p>\n

Scilex Holding Company is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain. Scilex is uncompromising in its focus to become the global pain management leader committed to social, environmental, economic, and ethical principles to responsibly develop pharmaceutical products to maximize quality of life. Results from the Phase III Pivotal Trial C.L.E.A.R. Program for SEMDEXA\u2122, its novel, non-opioid product for the treatment of lumbosacral radicular pain (sciatica), were announced in March 2022. Scilex participated in the type C meeting for purposes of pre-NDA discussion with the FDA and is pending official minutes in writing from the FDA. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with moderate to severe pain.\u00a0 Scilex launched its first commercial product ZTlido\u00ae<\/sup> in October 2018, in-licensed a commercial product Gloperba\u00ae<\/sup> in June 2022, and launched its third FDA-approved product Elyxyb\u2122\u00a0in April 2023. It is also developing its late-stage pipeline, which includes a pivotal Phase 3 candidate, and one Phase 2 and one Phase 1 candidate.\u00a0 Its commercial product, ZTlido\u00ae<\/sup> (lidocaine topical system) 1.8%, or ZTlido\u00ae<\/sup>, is a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of pain associated with post-herpetic neuralgia, which is a form of post-shingles nerve pain.\u00a0 Scilex in-licensed the exclusive right to commercialize Gloperba\u00ae<\/sup> (colchicine USP) oral solution, an FDA-approved prophylactic treatment for painful gout flares in adults, in the U.S. Scilex in-licensed the exclusive rights to commercialize Elyxyb\u2122\u00a0(celecoxib oral solution) in the U.S. and Canada, the only FDA-approved ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults. Scilex launched Elyxyb\u2122\u00a0in April 2023, and is planning to commercialize Gloperba\u00ae<\/sup> in the fourth quarter of 2023, and is well-positioned to market and distribute those products. Scilex\u2019s three product candidates are SP-102 (injectable dexamethasone sodium phosphate viscous gel product containing 10 mg dexamethasone), or SEMDEXA\u2122, a Phase 3, novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica, with FDA Fast Track status; SP-103 (lidocaine topical system) 5.4%, a Phase 2 study, triple-strength formulation of ZTlido\u00ae<\/sup>, for the treatment of acute low back pain, with FDA Fast Track status; and SP-104, 4.5 mg Delayed Burst Release Low Dose Naltrexone Hydrochloride (DBR-LDN) Capsule, for the treatment of chronic pain, fibromyalgia that has completed multiple Phase 1 trial programs and is expected to initiate Phase 2 trials in 2023. For further information regarding the SP-102 Phase 3 efficacy trial, see NCT identifier NCT03372161 \u2013\u00a0Corticosteroid Lumbar Epidural Analgesia for Radiculopathy \u2013 Full Text View \u2013 ClinicalTrials.gov<\/a>.<\/p>\n

Scilex Holding Company is headquartered in Palo Alto, California.<\/p>\n

\n Forward-Looking Statements<\/strong>\n <\/p>\n

This press release and any statements made for and during any presentation or meeting concerning the matters discussed in this press release contain forward-looking statements related to Scilex and its subsidiaries under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements regarding the consummation of the Securities Transfer and the other transactions contemplated by the Scilex Term Sheets, Scilex\u2019s belief that it is well positioned to continue its growth over the next several years, Scilex\u2019s long-term objectives and commercialization plans, Scilex\u2019s potential to attract new capital, future opportunities for Scilex, Scilex\u2019s future business strategies, the expected cash resources of Scilex and the expected uses thereof; Scilex\u2019s current and prospective product candidates, planned clinical trials and preclinical activities and potential product approvals, as well as the potential for market acceptance of any approved products and the related market opportunity; statements regarding ZTlido\u00ae<\/sup>, Gloperba\u00ae<\/sup>, ELYXYB\u2122,<\/strong> SP-102 (SEMDEXA\u2122), SP-103 or SP-104, if approved by the FDA; Scilex\u2019s development and commercialization plans; and Scilex\u2019s products, technologies and prospects. \u00a0<\/p>\n

Risks and uncertainties that could cause Scilex\u2019s actual results to differ materially and adversely from those expressed in our forward-looking statements, include, but are not limited to: risks associated with the Company\u2019s ability to execute definitive documents in respect of and to close the transactions contemplated by the Scilex Term Sheets, in a timely manner or at all, the failure to satisfy conditions to completion of the transactions contemplated by the Scilex Term Sheets, including receipt of required approvals, or the failure to close such transactions for any other reason; the occurrence of any event, change or other circumstances that could give rise to the termination of the transactions contemplated by the Scilex Term Sheets or the definitive documentation relating thereto; risks associated with the unpredictability of trading markets and whether a market will be established for Scilex\u2019s common stock; general economic, political and business conditions; risks related to the ongoing COVID-19 pandemic; the risk that the potential product candidates that Scilex develops may not progress through clinical development or receive required regulatory approvals within expected timelines or at all; risks relating to uncertainty regarding the regulatory pathway for Scilex\u2019s product candidates; the risk that Scilex will be unable to successfully market or gain market acceptance of its product candidates; the risk that Scilex\u2019s product candidates may not be beneficial to patients or successfully commercialized; the risk that Scilex has overestimated the size of the target patient population, their willingness to try new therapies and the willingness of physicians to prescribe these therapies; risks that the results of the Phase 2 trial for SP-103 or Phase 1 trials for SP-104 may not be successful; risks that the prior results of the clinical trials of SP-102 (SEMDEXA\u2122), SP-103 or SP-104 may not be replicated; regulatory and intellectual property risks; and other risks and uncertainties indicated from time to time and other risks set forth in Scilex\u2019s filings with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and Scilex undertakes no obligation to update any forward-looking statement in this press release except as may be required by law.<\/p>\n

\n Contacts:<\/strong>\n <\/p>\n

Investors and Media
Scilex Holding Company
960 San Antonio Road
Palo Alto, CA 94303
Office: (650) 516-4310<\/p>\n

Email: investorrelations@scilexholding.com<\/p>\n

Website: www.scilexholding.com<\/a><\/p>\n

SEMDEXA\u2122 (SP-102) is a trademark owned by Semnur Pharmaceuticals, Inc., a wholly-owned subsidiary of Scilex Holding Company. A proprietary name review by the FDA is planned.<\/p>\n

ZTlido\u00ae<\/sup> is a registered trademark owned by Scilex Pharmaceuticals Inc., a wholly-owned subsidiary of Scilex Holding Company.<\/p>\n

Gloperba\u00ae<\/sup> is the subject of an exclusive, transferable license to use the registered trademark by Scilex Holding Company.<\/p>\n

ELYXYB\u2122\u00a0is the subject of an exclusive, transferable license to use the trademark by Scilex Holding Company.<\/p>\n

All other trademarks are the property of their respective owners.<\/p>\n

\u00a9 2023 Scilex Holding Company All Rights Reserved.<\/p>\n<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

PALO ALTO, Calif., Sept. 13, 2023 (GLOBE NEWSWIRE) — Scilex Holding Company (Nasdaq: SCLX, \u201cScilex\u201d or \u201cCompany\u201d), a majority-owned subsidiary of Sorrento Therapeutics, Inc. (OTC: SRNEQ, \u201cSorrento\u201d), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, announced that on September 11, 2023, Scilex, Oramed Pharmaceuticals Inc. (Nasdaq: ORMP, \u201cOramed\u201d) and Sorrento executed non-binding term sheets relating to, among other things, the Securities Transfer (as defined below) (the \u201cSecurities Transfer Term Sheet\u201d) (which the official committee of unsecured creditors and the official committee of equity security holders in Sorrento\u2019s bankruptcy cases have each signed as \u201cConsenting Parties\u201d thereto) and the Note (as defined below) (the \u201cNote Term Sheet\u201d … <\/p>\n

Continue reading “Scilex Holding Company Enters into Non-Binding Term Sheets for the Purchase of all of the Scilex Common Shares, Preferred Shares, and Warrants Currently Owned by Sorrento Therapeutics, Inc. and is Declared the New Successful Bidder”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-783791","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nScilex Holding Company Enters into Non-Binding Term Sheets for the Purchase of all of the Scilex Common Shares, Preferred Shares, and Warrants Currently Owned by Sorrento Therapeutics, Inc. and is Declared the New Successful Bidder - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Scilex Holding Company Enters into Non-Binding Term Sheets for the Purchase of all of the Scilex Common Shares, Preferred Shares, and Warrants Currently Owned by Sorrento Therapeutics, Inc. and is Declared the New Successful Bidder - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PALO ALTO, Calif., Sept. 13, 2023 (GLOBE NEWSWIRE) — Scilex Holding Company (Nasdaq: SCLX, \u201cScilex\u201d or \u201cCompany\u201d), a majority-owned subsidiary of Sorrento Therapeutics, Inc. (OTC: SRNEQ, \u201cSorrento\u201d), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, announced that on September 11, 2023, Scilex, Oramed Pharmaceuticals Inc. (Nasdaq: ORMP, \u201cOramed\u201d) and Sorrento executed non-binding term sheets relating to, among other things, the Securities Transfer (as defined below) (the \u201cSecurities Transfer Term Sheet\u201d) (which the official committee of unsecured creditors and the official committee of equity security holders in Sorrento\u2019s bankruptcy cases have each signed as \u201cConsenting Parties\u201d thereto) and the Note (as defined below) (the \u201cNote Term Sheet\u201d … Continue reading "Scilex Holding Company Enters into Non-Binding Term Sheets for the Purchase of all of the Scilex Common Shares, Preferred Shares, and Warrants Currently Owned by Sorrento Therapeutics, Inc. and is Declared the New Successful Bidder"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-13T15:23:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODkyMTU0NSM1ODEyNDcyIzIyNTQ3Mjc=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Scilex Holding Company Enters into Non-Binding Term Sheets for the Purchase of all of the Scilex Common Shares, Preferred Shares, and Warrants Currently Owned by Sorrento Therapeutics, Inc. and is Declared the New Successful Bidder\",\"datePublished\":\"2023-09-13T15:23:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\\\/\"},\"wordCount\":1719,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODkyMTU0NSM1ODEyNDcyIzIyNTQ3Mjc=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\\\/\",\"name\":\"Scilex Holding Company Enters into Non-Binding Term Sheets for the Purchase of all of the Scilex Common Shares, Preferred Shares, and Warrants Currently Owned by Sorrento Therapeutics, Inc. and is Declared the New Successful Bidder - Market Newsdesk\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODkyMTU0NSM1ODEyNDcyIzIyNTQ3Mjc=\",\"datePublished\":\"2023-09-13T15:23:28+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODkyMTU0NSM1ODEyNDcyIzIyNTQ3Mjc=\",\"contentUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODkyMTU0NSM1ODEyNDcyIzIyNTQ3Mjc=\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Scilex Holding Company Enters into Non-Binding Term Sheets for the Purchase of all of the Scilex Common Shares, Preferred Shares, and Warrants Currently Owned by Sorrento Therapeutics, Inc. and is Declared the New Successful Bidder\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#website\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/\",\"name\":\"Market Newsdesk\",\"description\":\"Latest Business News in Real Time\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\",\"name\":\"Newsdesk\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"caption\":\"Newsdesk\"},\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/author\\\/newsdesk\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Scilex Holding Company Enters into Non-Binding Term Sheets for the Purchase of all of the Scilex Common Shares, Preferred Shares, and Warrants Currently Owned by Sorrento Therapeutics, Inc. and is Declared the New Successful Bidder - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/","og_locale":"en_US","og_type":"article","og_title":"Scilex Holding Company Enters into Non-Binding Term Sheets for the Purchase of all of the Scilex Common Shares, Preferred Shares, and Warrants Currently Owned by Sorrento Therapeutics, Inc. and is Declared the New Successful Bidder - Market Newsdesk","og_description":"PALO ALTO, Calif., Sept. 13, 2023 (GLOBE NEWSWIRE) — Scilex Holding Company (Nasdaq: SCLX, \u201cScilex\u201d or \u201cCompany\u201d), a majority-owned subsidiary of Sorrento Therapeutics, Inc. (OTC: SRNEQ, \u201cSorrento\u201d), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, announced that on September 11, 2023, Scilex, Oramed Pharmaceuticals Inc. (Nasdaq: ORMP, \u201cOramed\u201d) and Sorrento executed non-binding term sheets relating to, among other things, the Securities Transfer (as defined below) (the \u201cSecurities Transfer Term Sheet\u201d) (which the official committee of unsecured creditors and the official committee of equity security holders in Sorrento\u2019s bankruptcy cases have each signed as \u201cConsenting Parties\u201d thereto) and the Note (as defined below) (the \u201cNote Term Sheet\u201d … Continue reading \"Scilex Holding Company Enters into Non-Binding Term Sheets for the Purchase of all of the Scilex Common Shares, Preferred Shares, and Warrants Currently Owned by Sorrento Therapeutics, Inc. and is Declared the New Successful Bidder\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/","og_site_name":"Market Newsdesk","article_published_time":"2023-09-13T15:23:28+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODkyMTU0NSM1ODEyNDcyIzIyNTQ3Mjc=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Scilex Holding Company Enters into Non-Binding Term Sheets for the Purchase of all of the Scilex Common Shares, Preferred Shares, and Warrants Currently Owned by Sorrento Therapeutics, Inc. and is Declared the New Successful Bidder","datePublished":"2023-09-13T15:23:28+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/"},"wordCount":1719,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODkyMTU0NSM1ODEyNDcyIzIyNTQ3Mjc=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/","name":"Scilex Holding Company Enters into Non-Binding Term Sheets for the Purchase of all of the Scilex Common Shares, Preferred Shares, and Warrants Currently Owned by Sorrento Therapeutics, Inc. and is Declared the New Successful Bidder - Market Newsdesk","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/#primaryimage"},"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODkyMTU0NSM1ODEyNDcyIzIyNTQ3Mjc=","datePublished":"2023-09-13T15:23:28+00:00","author":{"@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"breadcrumb":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/#primaryimage","url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODkyMTU0NSM1ODEyNDcyIzIyNTQ3Mjc=","contentUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODkyMTU0NSM1ODEyNDcyIzIyNTQ3Mjc="},{"@type":"BreadcrumbList","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/scilex-holding-company-enters-into-non-binding-term-sheets-for-the-purchase-of-all-of-the-scilex-common-shares-preferred-shares-and-warrants-currently-owned-by-sorrento-therapeutics-inc-and-is-dec\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.marketnewsdesk.com\/"},{"@type":"ListItem","position":2,"name":"Scilex Holding Company Enters into Non-Binding Term Sheets for the Purchase of all of the Scilex Common Shares, Preferred Shares, and Warrants Currently Owned by Sorrento Therapeutics, Inc. and is Declared the New Successful Bidder"}]},{"@type":"WebSite","@id":"https:\/\/www.marketnewsdesk.com\/#website","url":"https:\/\/www.marketnewsdesk.com\/","name":"Market Newsdesk","description":"Latest Business News in Real Time","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.marketnewsdesk.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979","name":"Newsdesk","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","caption":"Newsdesk"},"url":"https:\/\/www.marketnewsdesk.com\/index.php\/author\/newsdesk\/"}]}},"_links":{"self":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts\/783791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/comments?post=783791"}],"version-history":[{"count":0,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts\/783791\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/media?parent=783791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/categories?post=783791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/tags?post=783791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}