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Sorrento’s Scilex unit buys back all senior secured notes due 2026
By Mary-Katherine Stinson
Lexington, Ky., Sept. 29 – Sorrento Therapeutics Inc.’s indirect subsidiary Scilex Holding Co. paid off all its outstanding senior secured notes due 2026 on Sept. 28 for a cash price of approximately $39.7 million with the holders forgiving and discharging $28 million in principal, according to a Sorrento press release and an 8-K filing with the Securities and Exchange Commission.
Immediately prior to the repurchase, the total principal amount of the notes was approximately $67.7 million.
The notes were secured by the assets of Scilex Pharma related to ZTlido (lidocaine topical system 1.8%), including the property and assets of Scilex Pharma necessary for the manufacture and sale of ZTlido on a worldwide basis exclusive of Japan.
U.S. Bank NA was the trustee and collateral agent.
The notes were guaranteed by Sorrento.
Scilex is a pain management products company based in Palo Alto, Calif.
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