Biotechnology M&A » By The Online Investor Staff, updated Tue., Apr. 20, 3:49 AM
Recent mergers and acquisitions in the Biotechnology M&A category.
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Slide #49. Sorrento Therapeutics, Inc. — IgDraSol
Acquirer:
Sorrento Therapeutics, Inc. (NASDAQ:SRNE)
Acquiree:
IgDraSol
Details:
Sorrento Therapeutics, Inc. (OTC QB: SRNE; Sorrento) announced today that it has completed the merger with IgDraSol, Inc., a privately-held company focused on the development of cancer therapeutics. Upon the closing of the merger, IgDraSol shareholders will receive the equivalent of 3,047,968 million shares of Sorrento's common stock. Such issuance reflects Sorrento's recent reverse stock split, and based on the closing share price on September 6, 2013, the transaction is valued at $28.2 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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Avg. Broker Rec.
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Strong Buy (4.00 out of 4) 79th percentile
(ranked higher than approx. 79% of all stocks covered)
Analysts' Target Price: SRNE Stock Forecast Based on Zacks ABR data; powered by Xignite |
