Sorrento Board Rejects Latest Acquisition Proposal
Sorrento Therapeutics, Inc. (SRNE)
Last sorrento therapeutics, inc. earnings: 8/9 04:49 pm
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Source: GlobeNewswire
The latest non-binding proposal received on January 9, 2020 from a private equity fund to acquire a majority or all of the issued and outstanding shares of the company for “up to $7.00” per share significantly undervalues the company and is not in the best interest of the shareholders.The board unanimously rejected the acquisition proposal. SAN DIEGO, Jan. 27, 2020 (GLOBE NEWSWIRE) -- Sorrento Therapeutics, Inc. (Nasdaq: SRNE, "Sorrento"), announced that, after reviewing the latest acquisition proposal in consultation with its advisors, Sorrento’s Board of Directors (the “Board”) determined that the offer significantly undervalues Sorrento and is not in the best interest of the Company’s stockholders. Sorrento’s management continues to execute on the core drug development and to pursue multiple potential strategic alliances and transactions. Accordingly, the Board unanimously rejected the acquisition proposal. About Sorrento Therapeutics, Inc. Sorrento is a clinical stage, anti
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