On March 8, 2024 Sorrento Therapeutics reported the US Bankruptcy Court gave an order approving the sale of the certain assets of the company (Press release, Sorrento Therapeutics, MAR 8, 2024, View Source [SID1234651027]). The debtor has been authorized to sell its certain assets to Vivasor, Inc., for a purchase price of $15.5 million in cash including outstanding DIP loan and $5 million promissory note pursuant to the asset purchase agreement dated March 8, 2024. The debtor?s assets include all equity interests held by debtor in certain subsidiaries.

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Justin Rawlins and Sahand Moarefy of Paul Hastings LLP acted as counsels for the buyer.