Sorrento Therapeutics (NASDAQ:SRNE) +50.6% pre-market after saying it rejected an unsolicited buyout proposal from two unnamed biopharma companies for $3.00-$5.00/share in cash.
SRNE’s board determined that the offer significantly undervalued the company and was not in the best interest of shareholders.
SRNE says it is in active late-stage licensing and collaboration discussions with leading biopharma companies for its immuno-oncology products, and believes the pending transactions alone represent potential value creation that significantly exceeds the proposal.
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