San Diego-based Sorrento Therapeutics Inc. has acquired the privately held New York-based Sherrington Pharmaceuticals Inc. for an undisclosed sum.
Sorrento (OTC: SRNE) said in a statement that it acquired the company for its drug, resiniferatoxin, which treats chronic pain. Sorrento CEO Henry Ji said that the drug, which is in early clinical trials, “is a great fit with our mission to treat cancer patients.”
Stock dropped 3 percent for Sorrento following news of the acquisition, closing day trading Oct. 11 at $8.00. It had a market capitalization of $132 million.
The company recently acquired a cancer drug company, called Igdrasol Inc., to flesh out its product offerings as it attempts to switch from the over-the-counter market to the Nasdaq, it said in a September interview.
— Meghana Keshavan