Vickers Vantage, the Nasdaq-listed special purpose acquisition company of Singapore-based Vickers Venture Partners, is merging with US-based Scilex Holding Company.
Scilex is a subsidiary of Sorrento Therapeutics, which produces non-opioid pain management products.
Photo credit: Daniel Frank / Pexels
The combined company will have US$140 million at closing and is eyed to be worth US$1.6 billion. Current Scilex stockholders will get around 88% of the new entity.
This move is expected to boost promotion of ZTlido, a pain-relieving patch, and the launch of Semdexa, which addresses lumbar radicular pain. It will also develop other programs addressing multiple acute and chronic pain conditions.
“The opioid crisis highlighted a huge demand for an effective and non-addictive solution and it is important that funds are being invested into research and development for such solutions,” said Jeffrey Chi, CEO and chairman of Vickers Vantage and vice chair of Vickers Venture Partners.
See also: Exclusive: Oyo-like healthcare startup eyes up to $20m series B money
Editing by Miguel Cordon and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
