Sorrento, Yuhan create a JV for checkpoint drugs

San Diego-based Sorrento Therapeutics ($SRNE) is forming a joint venture with South Korea's Yuhan to develop immune checkpoint antibodies for cancer. Yuhan is seeing ImmuneOncia Therapeutics with a $10 million payment. Release

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The data, from two patients with severe blood disorders, are "promising” for what could be a one-and-done treatment, Cantor Fitzgerald analysts wrote.

The fund will back pharma companies as well as developers of medtech products and providers of outsourced services.

The money will fund work to develop polymers in multiple indications and an associated U.S. expansion.