Sorrento's Scilex Announces Exclusive Product Distribution Agreement With CH Trading Group LLC To Expand Commercialization Of ZTlido Across Certain Designated Territories Including Middle East And North Africa
Scilex Holding Company (“Scilex”), a commercial biopharmaceutical company focused on developing and commercializing non-opioid therapies for patients with acute and chronic pain, today announced the signing of a Product Distribution Agreement (“Agreement”) for certain designated territories with CH Trading Group LLC (“CH Trading”), an international import, export and trading company focused on the Middle East and North Africa (MENA) Region and other markets, to distribute Scilex’s lead non-opioid commercial pain management product, ZTlido®. Scilex is a nearly 100% (or over 99.9%) majority-owned subsidiary of Sorrento Therapeutics, Inc. (NASDAQ:SRNE, &ldquo, Sorrento&rdquo, ))).
“Our Agreement with CH Trading is another significant step in our continuing efforts to expand our global presence with our portfolio of innovative non-opioid pain management products, to address unmet medical needs. We are extremely pleased to collaborate with CH Trading, whose deep expertise and relationships will help us build a solid foundation in key MENA Region and other markets,” said Henry Ji, Ph.D., Executive Chairman of Scilex and Chairman and Chief Executive Officer of Sorrento.
“We are pleased to work with CH Trading to help support us through the processes of obtaining global Halal certification as well as regulatory approval in the overseas designated territories, so that we may continue to fulfill our mission to address patient pain management needs with ZTlido®,” said Jaisim Shah, Chief Executive Officer of Scilex.
“We are delighted to work with a non-opioid pain management leader like Scilex for distribution of ZTlido® into these markets,” said Elsayed Zayan, CEO of the CH Group family of companies, which include CH Trading. “Our mission is to promote healthy, ethical and productive lifestyle, including bringing innovative products to people throughout the OIC countries and the GCC and MENA Regions. Aligning with Scilex’s global ambitions means that together we can help more patients, partners, and public health systems collectively benefit.”
Scilex Holding Company and Vickers Vantage Corp. I (NASDAQ:VCKA) (“Vickers”), a special purpose acquisition company sponsored by Vickers Venture Fund VI Pte Ltd and Vickers Venture Fund VI (Plan) Pte Ltd, have entered into a definitive business combination agreement (“BCA”) on March 17, 2022. Upon the closing of the transaction, the combined company (the “Combined Company”) will be renamed Scilex Holding Company, and its common stock and warrants to purchase common stock are expected to be listed on Nasdaq under the ticker symbol “SCLX” and “SCLXW,” respectively. The boards of directors of each of Vickers, Scilex and Sorrento have unanimously approved the proposed transaction. The closing of the transaction, which is expected to occur by the third quarter of 2022, is subject to the approval of Vickers’s shareholders and the satisfaction or waiver of certain other customary closing conditions.