Scilex Holding Company (SCLX) announced Monday that it has signed a binding term sheet for a proposed $100 million strategic investment from Kazakhstan-based iHolding Group LLP, subject to due diligence, shareholder approval and other customary closing conditions.
The proposed investment supports the company's growth initiatives, including healthcare and medical technology projects. It would also fund product development, commercialization, acquisitions, partnerships, and operational expansion.
Under the term sheet, iHolding would buy newly issued Scilex common shares at an expected purchase price of $15 per share. The investment would represent approximately 6.67 million shares. Proceeds are earmarked for working capital, intellectual property expansion, and other general corporate purposes.
Scilex focuses on acquiring, developing, and commercializing non-opioid pain management products. Its products target acute and chronic pain, neurodegenerative disease, and cardiometabolic disease. The company's portfolio includes ZTlido for neuropathic pain relief and ELYXYB for acute migraine treatment. The proposed investment supports its plan to expand its product line and strengthen its market presence.
SCLX Price Action: Scilex Holding shares were down 0.13% at $7.80 during premarket trading on Monday, according to market data.
