The Hong Kong, Shanghai and New York offices of Debevoise & Plimpton are advising Ally Bridge Group in its investment in NASDAQ-listed Sorrento Therapeutics, Inc. (“Sorrento”), a San Diego-based biopharmaceutical company that focuses on the development of cancer treatments.
Ally Bridge and other institutional investors as well as Sorrento’s strategic corporate partner, Yuhan Corporation of South Korea, will invest up to approximately $150 million in newly issued common stock, and warrants to purchase common stock, of Sorrento. The transaction is led by Ally Bridge and is expected to close by the end of May 2016, subject to customary closing conditions.
Ally Bridge is a global healthcare-focused investment group with investment portfolios in China, the United States, and Europe, and has more than $1 billion in assets under management.
Sorrento is an antibody-centric, clinical stage biopharmaceutical company developing new treatments for cancer, inflammation and autoimmune diseases. Sorrento's lead products are multiple late-stage biosimilar and biobetter antibodies, as well as clinical CAR-T therapies targeting solid tumors.
The Debevoise team advising Ally Bridge is led by Hong Kong-based partner William Y. Chua and associates Allison A. Lee and Jayne C. So, and also includes New York-based partner Andrew L. Bab, and Shanghai-based legal consultants Christina J. Wang and Michelle Qi.
Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.