Oramed Pharmaceuticals Inc. cancelled the acquisition of 40.17% stake in Scilex Holding Company from Sorrento Therapeutics, Inc. (OTCPK:SRNE.Q).
The stalking horse agreement with Oramed is subject to an auction and the submission of higher or otherwise better offers. Any parties interested in bidding for the Scilex Stock should email Sorrento's investment banker (Moelis & Company LLC) as soon as possible to indicate their interest and discuss required bid materials. To the extent Sorrento receives any qualified bids that are higher or otherwise better than Oramed's bid by August 11, 2023, at 5:00 p.m. (ET), Sorrento will hold an auction for the Scilex Stock on August 14, 2023. The U.S. Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court") approved the transaction on August 8, 2023. Transaction is expected to be completed by or before September 15, 2023. Scilex Holding Company anticipates that the transaction will close on or before September 30, 2023.
Latham & Watkins LLP and Jackson Walker LLP are serving as legal counsel to Sorrento. M3 Partners is serving as restructuring advisor. Moelis & Company LLC is serving as financial advisor and investment banker. H.C. Wainwright & Co. acted as financial and capital markets advisor to Oramed.
Oramed Pharmaceuticals Inc. (NasdaqCM:ORMP) cancelled the acquisition of 40.17% stake in Scilex Holding Company (NasdaqCM:SCLX) from Sorrento Therapeutics, Inc. (OTCPK:SRNE.Q) on September 21, 2023. Therefore the resignations of the following directors and officers did not become effective: Henry Ji, who will remain an executive of the Company, Jaisim Shah, who will continue as the Company?s Chief Executive Officer and President and as a member of the Board, and Dorman Dorman Followwill and David Lemus, each of whom will continue as members of the Board.