On March 16, 2015 NantWorks and Sorrento Therapeutics reported that they have entered into a binding term sheet 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 genomics-based, personalized medicine approach (Filing, 8-K, Sorrento Therapeutics, MAR 16, 2015, View Source [SID:1234502379]). 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 retain a share of all future profits resulting from the collaboration.
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In December 2014, Sorrento and NantWorks entered into a binding term sheet to form a joint venture known as "Nantibody, LLC". Under the terms of that agreement, Nantibody committed to develop a Phase III antibody from NantCell as well as a portfolio of pre-clinical immune-modulating, immuno-oncology, bispecific antibodies, and antibody-drug conjugates (ADCs) from Sorrento. Nantibody is to be funded with $100 Million with 60/40 ownership by NantWorks and Sorrento, respectively.
"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 genomic and personalized 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."