Sorrento Therapeutics has completed its merger with Igdrasol, a privately-held company focused on the development of cancer therapeutics. Igdrasol shareholders will receive the equivalent of 3,047,968 million shares of Sorrento's common stock. Reflecting Sorrento's recent reverse stock split, and based on the closing share price on Sept. 6, 2013, the transaction is valued at $28.2 million.
Sorrento's drug development pipeline now features late-stage compound Cynviloq, a next-generation nanoparticle formulation of paclitaxel for the potential treatment of metastatic breast cancer, non-small cell lung cancer, pancreatic cancer and other solid tumors. In July, the FDA Division of Oncology Products 1 agreed the data available are sufficient to support a 505(b)(2) pathway, using Abraxane and Taxol as the Reference Listed Drugs, to obtain approval. Sorrento anticipates initiating the single bioequivalence trial required for registration in the fourth quarter.
Dr. Vuong Trieu, former chief executive officer of Igdrasol, was appointed chief scientific officer of Sorrento; George Uy, former chief commercial officer of Igdrasol, was appointed chief commercial officer of Sorrento; and two directors were added to Sorrento’s board: Trieu and Jaisim Shah, chief business officer of Protein Design Labs.