Sorrento Therapeutics, a San Diego-based clinical-stage biopharmaceutical company developing treatments, reports that its subsidiary, TNK Therapeutics, has entered into a joint venture agreement with Shenyang Sunshine Pharmaceutical Company Ltd (3SBio) to develop and commercialize proprietary immunotherapies, including those developed from, including or using TNK’s chimeric antigen receptor T cell (CAR-T) technology targeting carcinoembryonic antigen (CEA) positive cancers. 3SBio is a China-based biotechnology company focused on discovering, developing, manufacturing, and commercializing biopharmaceutical products.

Under the terms of the JVA, 3SBio will make total contributions of $10 million to the joint venture, and TNK will grant the joint venture an exclusive license to the CEA CAR-T technology and two additional CARs for cellular therapy for the Greater China market, including Mainland China, Hong Kong and Macau. 3SBio will initially own 51% of the joint venture while TNK will initially hold the remaining 49%.

Source: Sorrento Therapeutics