Sorrento surges on a near $1 billion takeout offer [Yahoo! Finance News]
Sorrento Therapeutics, Inc. (SRNE)
Last sorrento therapeutics, inc. earnings: 8/9 04:49 pm
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Source: Yahoo! Finance News
) - Sorrento Therapeutics Inc said on Friday it had received a proposal from a private equity fund interested in acquiring a majority or all of its outstanding shares, valuing the company at as much as $993 million. Shares of the company surged 67.74% to $5.72 before the bell, after the drugmaker said it was reviewing the non-binding proposal of up to $7 per Sorrento share. The market capitalization of the company, which has one therapy, ZTlido, approved in the United States for relieving nerve pain following shingles infection, stood at about $483.8 million as of Thursday's close. The San Diego-based company did not disclose the name of the private equity fund and did not respond immediately to request for the name. The proposal comes a few months after the cancer therapy developer rejected an unsolicited buyout proposal from two pharmaceutical companies which offered between $3 and $5 for each of Sorrento's outstanding shares. Sorrento added ZTlido as part of its 2016 acquisition o
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