Sorrento share price dips on latest acquisition

17 November 2016

US clinical-stage biopharma firm Sorrento Therapeutics (Nasdaq: SRNE) is buying up again, this time to acquire a UK company focused on the development of oncolytic virus therapy for cancer.

The serial dealmaker’s TNK Therapeutics subsidiary has entered into a binding term sheet to acquire Virttu Biologics. Sorrento’s share price dropped by nearly 5%, to $6.20, by the close on Wednesday, when the $25 million deal was announced.

"With Virttu becoming part of TNK, we will be well-positioned to become a leader in this exciting immunotherapy space"

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