Sorrento Therapeutics Inc’s (NASDAQ: SRNE) almost 100% owned subsidiary Scilex Holding Company has signed a term sheet to purchase privately-held medical tech firm Ancora Medical Inc. Ancora has anchoring catheter and needle combination tech that received FDA approval in February 2020.
Deal to allow expansion of Ancora franchise
Ancora CEO Chunyuan Qiu said, “We are pleased to enter into the proposed transaction and are confident that Scilex is the ideal fit to build the AnCora franchise given their commitment to and proven track record of expanding patient access to non-opioid options.”
The Ancora Nerve Block Catheter Set is recommended for the perioperative, pre-operative, and postoperative management of pain in connection with orthopedic and general surgery. Through the transmission of electric signals from a neuron stimulation and/or the use of ultrasound imaging, the gadget enables medical professionals to find peripheral nerves. Approximately 72 hours may pass with the catheter inside the home.
By 2027, the market for continuous peripheral nerve block catheters is anticipated to reach $740,7 million. According to Coherent Market Insights 2020, the prevalence of trauma and injuries would drive the growth of global continuous peripheral nerve block. Additionally, there are opportunities in many market categories, including ambulatory surgical centers and interventional pain clinics. 1 These markets are rapidly expanding, and Ancora’s tech has the ability to improve productivity, lower procedural costs, and reduce the heavy consumption of opioid treatments.
Needles market expected to hit $15.6 billion in 2022
The market for needles is expected to grow from $600 million in 2016 to $8.47 billion in 2022 and around $15.9 billion in 2026. The prevalence of chronic diseases, the rise in the frequency of infectious diseases, and the rising prevalence of spine-related ailments are the main drivers of the medical needles market’s expansion.
Sorrento CEO and chairman Henry Ji said, “We believe the Ancora technology has tremendous potential as a platform and in pain management. With the proposed transaction, we continue to move toward our goal for 2022 to build out our non-opioid product portfolio, by acquisitions, in-licensing, and internal product development.”
