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Sorrento, Nantworks to jointly develop next generation cancer immunotherapies

US-based oncology firm Sorrento Therapeutics has entered into a binding agreement with NantWorks founder, physician scientist, and biotechnology entrepreneur Dr Patrick Soon-Shiong.

The deal will see the two parties establish a global strategic collaboration to jointly develop next generation immunotherapies to treat cancer and auto-immune diseases.

NantWorks, through a subsidiary, and Sorrento plan to establish the first joint venture called ‘The Immunotherapy Antibody JV’, as an independent biotechnology firm with $20m initial joint funding.

Sorrento president and CEO Dr Henry Ji said: "The investment into Sorrento and future formation of the JV with NantWorks further validate our G-MAB antibody technology and underscore Sorrento’s commitment to seeking strategic alliances in bringing its diverse portfolio of fully human monoclonal antibodies, ADCs, and bispecific antibodies into the clinic."

Under the strategic investment, Dr Soon-Shiong’s affiliated entity will acquire a 19.9% equity stake in Sorrento by purchasing common stock priced at $5.80 per share.

Additionally, Sorrento granted the purchaser a three-year warrant to purchase 1,724,138 shares of common stock at an exercise price of $5.80 per share.

The new JV will focus on accelerating the development of multiple immuno-oncology monoclonal antibodies (mAbs) to treat cancer, including but not limited to anti-PD-1, anti-PD-L1, anti-CTLA4 mAbs, and other immune-check point antibodies as well as antibody drug conjugates (ADCs) and bispecific antibodies.

Immunomodulatory antibodies help the cancer patient’s own immune system to fight the disease and are being developed to treat a number of solid tumors.