Sorrento Therapeutics Is Acquiring Concortis BioSystems in $12M DealThursday, November 14, 2013
San Diego-based Sorrento Therapeutics announced it is acquiring Concortis BioSystems, a San Diego biotech, in a deal worth about $12 million.
Sorrento (Nasdaq: SRNE) said the acquisition will allow it to develop antibody-drug conjugates — a new class of potent biopharmaceutical drugs for targeted cancer treatment.
This has been a pivotal year for Sorrento Therapeutics — it has acquired companies including New York-based Sherrington Pharmaceuticals Inc. and Fountain Valley-based Igdrasol Inc. for undisclosed sums. Sorrento also transitioned from the over-the-counter markets to the Nasdaq, and recently closed a $35 million stock offering.
Shares closed at $8.74 on Nov. 13, and the company showed a market capitalization of $144 million.
Sorrento Therapeutics has a number of drugs in its pipeline, with a focus on a number of cancers, as well as methicillin-resistant Staphylococcus aureus (MRSA) and inflammatory disorders.
— SDBJ Staff Report