Biotechnology M&A » By The Online Investor Staff, updated Mon., Jul. 4, 11:37 AM
Recent mergers and acquisitions in the Biotechnology M&A category.
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Slide #38. Sorrento Therapeutics, Inc. — Concortis Biosystems, Corp
Acquirer:
Sorrento Therapeutics, Inc. (NASDAQ:SRNE)
Acquiree:
Concortis Biosystems, Corp
Details:
Sorrento Therapeutics, Inc. (NASDAQ: SRNE; Sorrento) announced today the entry into a definitive agreement to acquire San Diego-based Concortis Biosystems, Corp. in a deal that provides Sorrento with a comprehensive technology platform for generation of antibody drug conjugates (ADC). Under the terms of the agreement dated November 11, 2013, subject to satisfaction of certain closing conditions, upon closing, Sorrento will issue an aggregate of 1,331,978 shares of its common stock to the Concortis shareholders.
Sorrento Therapeutics is a clinical stage and commercial biopharmaceutical company that delivers therapies to address unmet medical needs. Co. has programs assessing the use of its technologies and products in autoimmune, inflammatory, viral and neurodegenerative diseases. Co.'s segments are: Sorrento Therapeutics, which includes Sofusa®, a drug delivery technology that delivers biologics into the lymphatic system, and resiniferatoxin, a non-opioid-based neurotoxin in clinical trials for late stage cancer pain and moderate to severe osteoarthritis of the knee pain; and Scilex, which includes ZTlido, a lidocaine topical system for the relief of pain associated with post-herpetic neuralgia.
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Avg. Broker Rec.
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Strong Buy (4.00 out of 4) 71st percentile
(ranked higher than approx. 71% of all stocks covered)
Analysts' Target Price: SRNE Stock Forecast Based on Zacks ABR data; powered by Xignite |
