Sorrento Therapeutics Inc (SRNE)

[XenaLives]

I just came across this article, I'm intrigued:

Sorrento sues Soon-Shiong over 'catch-and-kill' of its cancer drug, a potential Abraxane rival

by Amirah Al Idrus | Apr 3, 2019 6:37pm

Turns out “catch-and-kill" isn’t just for containing damaging news stories—it can also be used to keep generic competition down. At least, that’s what Sorrento Therapeutics is accusing Patrick Soon-Shiong of doing. The San Diego biotech alleged Soon-Shiong and his NantPharma bought Sorrento's late-phase cancer drug, Cynviloq, to hamstring its development and prevent it from reaching the market in which it would compete with Abraxane, a drug Soon-Shiong invented and sold to Celgene back in 2010.

Sorrento filed two actions in California on Wednesday, according to an SEC filing. These include an arbitration demand against NantPharma seeking more than $1 billion in damages, as well as punitive damages, for fraud and breach of contract; and a lawsuit in Los Angeles Superior Court detailing just what Soon-Shiong got up to in his “catch-and-kill" scheme.

The story starts in 2010, when Celgene struck a $2.9 billion deal to buy Abraxis BioScience—and Abraxane, which had been approved to treat breast cancer five years earlier. That deal put “well over $1 billion in Celgene stock and contingent value rights shares” into Soon-Shiong's pocket, making him Celgene’s largest individual shareholder, according to the complaint.

More....

https://www.fiercebiotech.com/biotech/sorrento-sues-soon-shiong-over-catch-and-kill-its-cancer-drug-a-potential-abraxane-rival