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Strategies & Market Trends : Speculating in Takeover Targets
ULBI 7.040+2.6%Oct 31 3:59 PM EST
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From: E_K_S11/25/2019 9:32:53 AM
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Sorrento received, rejected unsolicited acquisition proposal
Nov. 25, 2019 7:29 AM ET|About: Sorrento Therapeutics, Inc. (SRNE)|By: Carl Surran, SA News Editor

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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