Improved offer sends Sorrento stock skywards

13 January 2020

California’s Sorrento Therapeutics (Nasdaq: SRNE) announced on Friday it had received a non-binding buyout offer of $7 per share.

The announcement caused stock in the San Diego-based drug developer to jump 40% to nearly $5.

In November 2019, the board rejected two separate buyout bids, at $3 and $5 per share, stating that they undervalued the company.

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