Market Overview

Sorrento Shares Soar On Disclosure Of Takeover Interest At Over 100% Premium

Sorrento Shares Soar On Disclosure Of Takeover Interest At Over 100% Premium

Shares of small-cap biopharma Sorrento Therapeutics Inc (NASDAQ: SRNE) were advancing strongly Friday.

Sorrento, which is engaged in the development of new therapies to turn malignant cancers into manageable and possibly curable cancers, said it has received a non-binding proposal from a private equity fund to acquire a majority stake or the entire company for up to $7 per share.

The upper range of the offer represents a 105% premium over the stock's Thursday closing price.

Sorrento said its board is reviewing the proposal to determine the course of action that's in the best interest of the company and its stockholders.

Sorrento recommended its shareholders take no action at this time.

Sorrento's pipeline consists of a portfolio of immuno-oncology assets that are either in IND-enabling studies or Phase 1 studies. The company also has two experimental assets in its pain management portfolio: ZTlido and resiniferatoxin. The company has submitted an NDA for ZTildo as a treatment option for relieving pain associated with postherpetic neuralgia.

M&A momentum among biopharma companies was strong in 2019.  

The stock was trading 42.96% higher at $4.88 at the time of publication. 

Related Links:

A Preview Of JPMorgan's Healthcare Conference: Focus On Value-Creating Themes, 2020 Expectations

The Daily Biotech Pulse: Positive Data Readouts To Spur Aclaris, Moderna And Ultragenyx

Posted-In: Biotech M&A News Movers Trading Ideas General Best of Benzinga


Related Articles (SRNE)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at