Yuhan Corp and Sorrento Therapeutics Announce Closing of a $40m USD Financing for Joint Venture ImmuneOncia to Support Advancement of Immuno-Oncology Program
Sorrento Therapeutics, Inc. (SRNE)
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Source: GlobeNewswire
SEOUL, South Korea and SAN DIEGO, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Yuhan Corporation (000100.KS; Yuhan) and Sorrento Therapeutics (Nasdaq: SRNE) announced today that ImmuneOncia, a joint venture formed in September 2016, has completed a private equity financing of $40 million USD at a pre-money valuation of $95 million USD, which was led by Paratus SP (Private Equity Fund). The proceeds of the transaction will be utilized to advance ImmuneOncia’s Phase I and II clinical studies of IMC-001, a PD-L1 monoclonal antibody, as well as to support its earlier stage programs. As a result of this financing, ImmuneOncia is expected to be sufficiently funded in preparation for an initial public offering, which is expected to occur in 2021. This investment from Paratus SP was made in recognition of ImmuneOncia’s R&D capabilities, strong management team and its growth potential based on the market trends in the global immuno-oncology landscape. “Our R&D and clinical studies have been progres
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