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Sorrento and Lee’s Pharmaceutical Enter into Exclusive China Licensing Agreement

Oct. 3, 2014

October 3, 2014.  China Oncology Focus Ltd., an affiliate of Hong Kong-based Lee's Pharmaceutical Holdings Ltd.  has licensed a fully human immune-oncology anti-PD-L1 monoclonal antibody (mAb), STI-A1014, from Sorrento Therapeutics, Inc.

Under the terms of the agreement, Lee’s Pharma received exclusive rights to develop and commercialize the antibody for the greater Chinese market. In turn, Sorrento will receive an up-front payment, potential future milestone payments and high single digit to double digit royalties on future net sales. In total, Sorrento has the potential to receive more than $46 million upon the successful attainment of key milestones.

Additionally, Lee’s Pharma will invest $3.6 million by purchasing common stock in Sorrento at a substantial premium to the current market price.