Sorrento Therapeutics Could IPO Its Scilex Unit

Sorrento Therapeutics, Inc. SRNE announced it's exploring the possibility of an initial public offering of its majority-owned subsidiary, Scilex Holding.

Scilex Holding is a pharmaceutical company that delivers pain management products.

No decisions have been made at this point on the structure or timing of the possible IPO, and no assurance can be given that an IPO will be pursued or completed.

Sorrento's stock closed Tuesday at $2.99 per share.