Sorrento Therapeutics wins $125 million arbitration award against NantPharma

By Sarah Lizee

Olympia, Wash., March 17 – Sorrento Therapeutics, Inc. announced that on Thursday the Los Angeles County Superior Court confirmed an arbitration award of $125 million in damages to be paid by NantPharma, LLC, according to a press release.

The award stems from an arbitration between Sorrento and NantPharma regarding the development of chemotherapy drug Cynviloq, the rights to which NantPharma acquired from Sorrento in 2015.

In 2019, Sorrento filed an arbitration demand against NantPharma, alleging that the company had failed to live up to its contractual obligations to develop Cynviloq and bring it to market.

On Dec. 19, following nearly two years of discovery and an 18-day evidentiary hearing, the judge presiding over the Cynviloq arbitration, awarded Sorrento $125 million in damages. On Friday, the Los Angeles County Superior Court granted Sorrento’s motion to confirm the award, which Sorrento now intends to enforce against NantPharma.

Since April 2019, Sorrento has been involved in litigation with Dr. Patrick Soon-Shiong and a number of his companies, including NantPharma.

The biopharmaceutical company is based in San Diego. The company filed bankruptcy on Feb. 13 under Chapter 11 case number 23-90085.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.