Sorrento Therapeutics And Yuhan To Form JV - Quick Facts

(RTTNews) - Sorrento Therapeutics, Inc. (SRNE) and Yuhan Corp. announced they have entered into an agreement to form a joint venture company, ImmuneOncia Therapeutics, LLC, to develop and commercialize a number of immune checkpoint antibodies against undisclosed targets for both hematological malignancies and solid tumors. Yuhan will own 51% of ImmuneOncia, while Sorrento will hold the remaining 49%.

Yuhan will contribute an initial investment of $10 million to ImmuneOncia, and Sorrento will grant the JV an exclusive license for one of their immune checkpoint antibodies for specified countries while retaining the rights for US, European, and Japanese markets, as well as global rights for the JV to two additional antibodies that will be selected by ImmuneOncia from a group of pre-specified antibodies from Sorrento's immuno-oncology antibody portfolio.

The companies said the first of the three immune checkpoint antibodies is expected to enter clinical trials next year.