Vickers Venture SPAC To Merge With Sorrento Therapeutics' Pain-Focused Subsidiary
- Vickers Venture Partners' special purpose acquisition company Vickers Vantage Corp I (NASDAQ: VCKA) will merge with Scilex Holding Company, focused on developing and commercializing non-opioid therapies for acute and chronic pain.
- Scilex Holding is a subsidiary of US-based Sorrento Therapeutics Inc (NASDAQ: SRNE).
- Vickers Venture Partners said the merged entity is expected to have funds of up to $140 million held in the SPAC's trust account at closing before expenses.
- The Singapore-based venture capital firm expects the transaction to complete by Q3 of 2022.
- The combined entity is expected to have a pro forma equity value of approximately $1.64 billion post-money.
- The combined entity will be renamed Scilex and will be led by the existing management team of Scilex.
- Its common stock and warrants are expected to be listed on Nasdaq under SCLX and SCLXW symbols.
- As part of the transaction, Scilex's existing equity holders will roll 100% of their equity into the enlarged entity, of which they will own about 88%.
- Vickers Vantage Corp I's sponsors have also agreed to cancel 40% of their private warrants if redemptions exceed 75%.
- Price Action: SRNE shares are up 3.47% at $2.68, VCKA shares are down 0.39% at $10.15 on the last check Friday.
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