Bedell Cristin advises on sale of Virttu Biologics Limited
17 May 2017
Bedell Cristin has advised the Jersey-based majority shareholder of Virttu Biologics Limited (Virttu) on the sale of Virttu to TNK Therapeutics, Inc., a subsidiary of Sorrento Therapeutics, Inc (Sorrento).
Virttu is a biopharmaceutical company focused on the development of oncolytic virus therapy for the treatment of cancer. Sorrento is a Nasdaq-listed, clinical-stage biopharmaceutical company which develops immuno-oncology and other treatments. Virttu's lead product candidate, Seprehvir®, is a modified virus which has been designed to target and destroy tumour cells while stimulating an immune response. It is believed that Seprehvir® may have the potential for broad application across various cancer types and that these will complement Sorrento's technologies.
In consideration for the sale, Virttu's shareholders will receive a combination of cash and stock including shares in Sorrento, with total potential consideration in excess of US$ 30 million.
A team from Bedell Cristin's Jersey office including partner Tim Pearce and senior associate Guy Westmacott advised on the Jersey aspects of the sale alongside McDermott Will & Emery LLP who provided English and Californian legal advice.
Tim Pearce commented: "We hope that this transaction will bring Seprehvir® one step closer to being an approved treatment that could make a real difference to cancer therapy in future, and were thrilled to be a part of it."