San Diego-based biopharmaceutical company Sorrento Therapeutics Inc. has signed an exclusive option to acquire Igdrasol Inc., a Fountain Valley-based private company that is developing treatments for breast and lung cancers.
In a statement, Sorrento Therapeutics President and CEO Henri Ji called the merge “transformational” for the company. He said the combination of the companies’ development expertise, technologies and array of drugs in both the early and late stages of development would “create an oncology franchise and pipeline with tremendous value potential.”
For example, Igdrasol’s lead drug candidate, Cynviloq, is currently approved and marketed in several countries, including South Korea. Igdrasol has the exclusive U.S. distribution rights for Cynviloq, an injectable drug that targets tumor tissues, and if Sorrento Therapeutics acquires the company it will be able develop and commercialize the drug if it’s approved by U.S. regulators.
“We look forward to completing this transaction and becoming part of the STI family,” said Vuong Trieu, chief executive of Igdrasol in a statement.
— SDBJ Staff Report