By Mike Freeman | The San Diego Union-Tribune
San Diego’s Sorrento Therapeutics filed for Chapter 11 bankruptcy protection this week after a setback in a complex, long-running legal battle over the sale of its fledgling antibody lung and breast cancer drug in 2015.
The company, which employed more than 700 workers as of December 2021, filed for bankruptcy in the Southern District of Texas on Monday. It claims to have $1 billion in assets and $235 million in liabilities. But it opted for Chapter 11 protection because it feared “a short-term liquidity crunch” following arbitration rulings.
“As a result, Sorrento sought Chapter 11 relief to safeguard business operations and its