Sorrento Therapeutics, Inc. filed a motion in the US Bankruptcy Court for the sale of its certain assets on October 30, 2023. The debtor seeks the Court?s approval for the sale of its certain assets to Yuhan Corporation for a purchase price of $20 million pursuant to the asset purchase agreement, dated October 30, 2023. The debtor?s assets include Sorrento?s common shares in the Joint Venture or the other Purchased Assets.

The sale hearing is scheduled for November 1, 2023. The proceeds from the sale would be used to pay off the amount owed to the debtor?s pre-petition lender.