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Slide #33. Sorrento Therapeutics — Concortis Biosystems
Sorrento Therapeutics (NASDAQ:SRNE)
Sorrento Therapeutics, Inc. (NASDAQ: SRNE; Sorrento) announced today that it has completed its acquisition of Concortis Biosystems, Corp., providing Sorrento with a comprehensive technology platform to create a new generation of homogenous antibody drug conjugates (ADCs) with site-specific toxin conjugation and consistent drug-antibody ratios. With the close of the deal, Sorrento has issued an aggregate of 1,331,978 shares of its common stock to the Concortis shareholders. Based on the closing share price on December 18, 2013, the transaction is valued at $11.3 million.
Sorrento Therapeutics is a clinical stage and commercial biopharma company focused on delivering therapies to patients and their families. Co. has two segments: The Sorrento Therapeutics segment, which is organized around its Immune-Oncology therapeutic area, using its proprietary G-MAB antibody library and targeted delivery modalities to generate the next generation of cancer therapeutics. These modalities include proprietary chimeric antigen receptor T-cell therapy, dimeric antigen receptor T-cell therapy, antibody drug conjugates as well as bispecific antibody approaches. The Scilex segment is mainly organized around Co.'s non-opioid pain management operations.
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Strong Buy (4.00 out of 4)