Sorrento board rejects latest takeover bid

28 January 2020

Shares of USA-based Sorrento Therapeutics (Nasdaq: SRNE) fell more than 9% to $3.88 by close of trading on Monday, after the company announced that, after reviewing the latest acquisition proposal received earlier this month, in consultation with its advisors, Sorrento’s board of directors determined that the $7.00 per share offer significantly undervalues Sorrento and is not in the best interest of the company’s stockholders.

The off values the drug developer at as much as $993 million.

Sorrento’s management continues to execute on the core drug development and to pursue multiple potential strategic alliances and transactions.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK