Featured Transactions

$200 Million

Fairness Opinion

  • Joseph Gunnar & Co., LLC provided a fairness opinion to Sorrento Therapeutics, Inc., as the majority stockholder of Scintilla Pharmaceuticals, to Acquire Semnur Pharmaceuticals, Inc. to Further Deepen its Pain Management Pipeline
  • The acquisition is contingent upon customary closing conditions. In consideration for the acquisition, Scintilla will pay Semnur's equity holders an initial payment of $60 million, consisting of $40 million in cash and $20 million in shares of common stock of Sorrento.  In addition, additional cash consideration of up to $140 million may be paid by Scintilla to Semnur's equity holders upon achievement of certain development, product approval and commercial milestones.

$70 Million

Fairness Opinion

  • Joseph Gunnar & Co., LLC provided a fairness opinion to Sorrento Therapeutics, Inc., for its subsidiary, Scintilla Pharmaceuticals, to acquire SCILEX Pharmaceuticals to add a late-stage asset to bolster its pain management business
  • In consideration for the acquisition, SCILEX equity holders will receive up to $70 million in stock of Scintilla, following the next equity financing of Scintilla.
  • SCILEX's lead product candidate, ZTlido™ (lidocaine patch 1.8%), is a branded lidocaine patch formulation being developed for the treatment of postherpetic neuralgia, the chronic pain that sometimes develops with shingles. The patch technology can be adapted to other applications. In July 2015, SCILEX filed a new drug application ("NDA") for ZTlido™. The SCILEX team is meeting with U.S. Food & Drug Administration ("FDA") in the next few weeks in preparation of a planned NDA re-submission for a potential FDA action date in mid-2017. The direct costs for re-submission are estimated to be less than $3 million.
* Transactions executed prior to joining Joseph Gunnar & Co. LLC since 2013