NantWorks, Sorrento collaborate to discover and develop novel anti-cancer immunotherapies

NantWorks, Inc. and Sorrento Therapeutics, Inc. (NASDAQ: SRNE; Sorrento), announced today that they 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. Under the terms of the agreement, Sorrento will exclusively license to NantCell, LLC, 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 will also have a share of all future profits resulting from the collaboration.

In December 2014, Sorrento and NantWorks entered into a binding agreement to form a joint venture known as "NantiBody, LLC". Under the terms of the agreement, NantiBody will develop a Phase III antibody from NantCell and a portfolio of pre-clinical 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.

"We are excited to be working with NantWorks again," said Dr. Henry Ji, President and CEO of Sorrento. "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."

"We are pleased to expand our working relationship with Sorrento. Our innovative collaborations will unite Sorrento's capability to develop immunotherapies with NantCell's proprietary pan-omics, bioinformatics, and precision medicine technologies," said physician scientist, biotechnology entrepreneur and NantWorks founder Dr. Patrick Soon-Shiong. "We are committing significant resources to the development of truly novel cancer immunotherapies, an area of significant unmet need."

SOURCE Sorrento Therapeutics, Inc.