NantWorks, an umbrella organization developing of next generation diagnostics and therapeutics, and Sorrento Therapeutics, an oncology company, have entered into a binding agreement to initiate a global collaboration to discover and develop novel anti-cancer immunotherapies derived from Sorrento's proprietary G-MAB library against neoepitopes of tumor-specific antigens discovered using NantWorks' proprietary pan-omics based, precision medicine approach.

Sorrento will exclusively license to NantCell, a NantWorks company, certain antibodies and CAR-TNK products in exchange for $10 million in cash and $100 million in NantCell's equity. In addition to the equity and cash payments, Sorrento also will have a share of all future profits resulting from the collaboration.

In December 2014, Sorrento and NantWorks formed a joint venture known as NantiBody. NantiBody to develop a phase III antibody from NantCell and a portfolio of preclinical immune-modulating, immuno-oncology and bispecific antibodies as well as ADCs from Sorrento. NantiBody is to be funded with $100 million from NantWorks and Sorrento.

Dr. Henry Ji, president and CEO of Sorrento, said, "Through these strategic alliances, we are accelerating the development of our diverse portfolio of fully human monoclonal antibodies into the clinic. In addition, we will be spearheading the discovery and development of immunotherapies against neoepitopes of tumor-specific antigens."