VCKA - Sorrento subsidiary Scilex to go public in SPAC merger with Vickers Vantage

Scilex Holding, a subsidiary of Sorrento Therapeutics (SRNE +1.2%), will go public through a combination with SPAC Vickers Vantage Corp. I (NASDAQ:VCKA). The combined company expected to have a pro forma equity value post-money of ~$1.6B. The transaction is expected to close in Q3 and shares would trade under the symbol "SCLX." The deal is expected to lead to $140M in gross proceeds before expenses, which will be used for the potential registration and commercialization of sciatica pain candidate SP-102 (Semdexa) in 2023. The companies also say the transaction will also support marketing of lidocaine patch ZTildo. The companies first signed a letter of intent for the deal in December.

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Sorrento subsidiary Scilex to go public in SPAC merger with Vickers Vantage