Sorrento is a clinical stage, antibody-centric, biopharmaceutical company developing new therapies to turn malignant cancers into manageable and possibly curable diseases. Sorrento’s multimodal multipronged approach to fighting cancer is made possible by its’ extensive immuno-oncology platforms, including key assets such as fully human antibodies (“G-MAB™ library”), antibody-drug conjugates (“ADC”) as well CAR-T and oncolytic virus (“Seprehvir®”).
Sorrento Therapeutics, Inc. (NASDAQ: SRNE) announced that the company received a buyout proposal from a private equity fund to acquire majority or all of the issued and outstanding shares of the company for up to USD 7 per share. The company Board of Directors is carefully reviewing the proposal with the help of its advisors to determine the best course of actions in the best interests of the company and its shareholders. Currently, there is no guarantee that the transaction will be approved by the board as shareholders of the company are not required to take any action at this time.
Share value of Sorrento Therapeutics surged this morning, reaching a current high of day of USD 5.09 post announcement. With over 25.8 million shares traded so far, what could be in store for the future of Sorrento Therapeutics?