Sorrento Therapeutics Inc.'s majority owned subsidiary Scilex Pharmaceuticals Inc. will merge with Semnur Pharmaceuticals, creating a new company, Scilex Holding Co., focusing on non-opioid pain management. Scilex's lead product is Ztlido, a lidocaine topical system, and Semnur's lead compound is a non-opioid corticosteroid gel that's in phase III pivotal studies. Sorrento said the merger positions Scilex Holding to become "a global leader in non-opioid pain management."

Imago Biosciences Inc. has received a boost in the form of $40 million series B financing led by Omega Funds. "These funds will support two phase IIb studies in two myeloproliferative diseases and several investigator-initiated studies in related diseases," Hugh Rienhoff Jr., Imago's CEO told BioWorld. Other investors in the financing include Frazier Healthcare Partners, Amgen Ventures, MRL Ventures Fund, Highlight Capital, Pharmaron and Greenspring Associates.

Pfizer Inc. joins several big pharma companies, including Roche Holding AG and Novartis AG, who have recently cut gene therapy deals, with its acquisition of a 15 percent equity interest in privately held Vivet Therapeutics SAS.