offered between $3 and $5 for each of Sorrento
Sorrento Therapeutics Inc (NASDAQ:SRNE) said on
Monday that it had rejected an unsolicited acquisition
itnb.info proposal from the two
pharmaceutical companies, saying it significantly undervalued the drugmaker and
was not in best interests of its stockholders.
The buyout i
kchealthcare.net s all-cash deal on Saturday, offered
between $3 and $5 for each of Sorrento Therapeutics’s outstanding shares, the
company said.
Sorrento
lextrend.net Therapeutics Inc (NASDAQ:SRNE) would
have been valued at $709.4 million, at the higher end of the offer, while its
current market cap stands at nearly at $227 million.
Meanwhile, Sorrento Therapeutics said that its
pending discussions for licensing and collaboration partnerships for its
immuno-oncology products, alone represent more value than the proposal. On
Friday, Sorrento Therapeutics Inc (NASDAQ:SRNE) shares surged 30% in premarket
trading.
Comments
Post a Comment