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Vickers Enterprise’s SPAC merges with Scilex; mixed entity to start buying and selling on NYSE immediately

Dr Jeffrey Chi, CEO and Chairman, Vickers Vantage Corp. I

Vickers Vantage Corp. I, the primary blank-cheque firm (particular function acquisition firm or SPAC) of Singapore-based VC agency Vickers Enterprise Companions, has merged with Scilex Holding Firm, a majority-owned subsidiary of US-based Sorrento Therapeutics.

Scilex is a revenue-generating firm targeted on buying, creating and commercialising non-opioid ache administration merchandise for treating acute and continual ache.

Additionally Learn: Why Vickers Enterprise Companions go along with deep tech investments to unravel world’s greatest issues

The mixed entity will function as Scilex Holding Firm on November 11, 2022. Its shares of widespread inventory and warrants are anticipated to start buying and selling on the Nasdaq Capital Market underneath the ticker symbols ‘SCLX’ and ‘SCLXW’, respectively.

Scilex Holding Firm will ring the Nasdaq opening bell at 9:30 am ET on Friday.

“We imagine Scilex is an organization with wonderful non-opioid ache administration therapies. This deal is important within the present panorama. Nonetheless, we didn’t compromise the standard of a goal firm in a rush to merge, and stored to our philosophy of investing in deep tech firms that may create a greater world,” mentioned Dr Jeffrey Chi, Chief Govt Officer and Chairman of VCKA and Vice Chairman of Vickers Enterprise Companions.

“Scilex is coming into an thrilling part because the assets of the general public capital markets might be accessible to boost our enterprise progress and allow us to proceed to fulfil our mission to handle affected person ache administration wants,” mentioned Henry Ji, Govt Chairman of Scilex and Chairman and CEO of Sorrento.

Jaisim Shah, President and CEO of Scilex, commented: “As a public firm, we intention to speed up our mission to extend entry to prescription non-opioid therapeutics by additional commercialising our two FDA-authorised non-opioid ache administration merchandise, increasing private and non-private payer adoption, and advancing our pipeline of progressive opioid sparing merchandise.”

Additionally Learn: Can SPACs keep away from one other reverse merger disaster?

Scilex launched its first industrial product in October 2018, in-licensed a industrial product in June 2022, and is creating its late-stage pipeline, which features a pivotal Section 3 candidate and one Section 2 and one Section 1 candidate. It goals to turn into the worldwide ache administration chief dedicated to social, environmental, financial, and moral rules to develop pharmaceutical merchandise to maximise the standard of life responsibly.

In October this yr, Singapore-based clinical-stage biotechnology firm AUM Biosciences signed a merger settlement with Delaware-based publicly traded SPAC Mountain Crest Acquisition Corp. to go public within the US.

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