Sorrento’s Scilex unit buys back $41.4 million senior secured notes

By Rebecca Melvin

Concord, N.H., June 3 – Sorrento Therapeutics Inc. subsidiary Scilex Holding Co. paid off $41.4 million of the principal amount of its senior secured notes, according to a Sorrento press release on Friday.

In connection with the payoff, holders of the notes agreed that Scilex can repurchase the remaining principal amount of the notes at any time on or before Sept. 30, 2022 for $41.4 million (subject to reduction for any quarterly royalty payments), and that the holders will forgive and discharge $28 million of the principal amount of the notes.

Scilex is a pain management products company based in Palo Alto, California.

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