Sorrento exploring 'strategic alternatives' amid demands for sale
US clinical-stage biopharma firm Sorrento Therapeutics (Nasdaq: SRNE) has announced that it has engaged financial advisors to explore strategic alternatives to maximize shareholder value.
Although the company stressed that there was no guarantee this would lead to a sale, the news prompted an immediate 7.2% rise in its share price.
The announcement comes after an investment advisor wrote to Sorrento, expressing concerns that the company’s board is destroying shareholder value by mismanaging operations and assets.
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