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Slide #38. Sorrento Therapeutics, Inc. — Concortis Biosystems, Corp
Sorrento Therapeutics, Inc. (NASDAQ:SRNE)
Concortis Biosystems, Corp
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 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)