Sorrento shrugs off an anonymous private equity group’s $1B offer to buy the company
San Diego-based Sorrento Therapeutics isn’t going the M&A route — at least not today.
The biotech caused quite a stir when it put out word a few weeks ago that an unidentified private equity group was bidding a billion dollars-plus for the company. The news drove a quick spike in the company’s share price as investors hooked up for the ride — that didn’t happen.
The update sparked a 5% drop in the share price $SRNE ahead of the bell. It’s now trading just above $4, without any evidence that the $7 price looked like it was firm.
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