Sorrento Therapeutics (SRNE) announced that its subsidiary Scintilla Pharmaceuticals has signed a binding term sheet to acquire privately held Semnur Pharmaceuticals. According to the terms of the agreement, Semnur will receive an upfront payment of $60M ($40M in cash + $20M in SRNE common stock) and up to $140M in milestones. Semnur's lead product candidate is Phase 2-stage resiniferatoxin (the active ingredient in chili peppers) a non-opioid pain medication for the treatment of intractable cancer pain.