To keep up with demand, Sorrento acquires majority ownership in Covid-19 test manufacturer
In a move that the company hopes will up its ability to respond to demand for its Covid-19 tests, Sorrento Therapeutics has acquired a majority ownership in a Chinese diagnostics manufacturer.
Sorrento Therapeutics will use Zhengzhou Fortune Bioscience to manufacture Covistix, its rapid antigen section test for Covid-19 and its variants. The tests have been approved for emergency use and is on the market in Brazil and Mexico. The company now has a majority ownership, with the option to acquire 100% of the company.
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