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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