Sorrento Therapeutics Received Buyout Offer From Private Equity Firm
On Friday, Jan. 10, the stock of Sorrento Therapeutics (NASDAQ: SRNE) shot up dramatically as the company revealed it received an unsolicited and non-binding buyout offer from an undisclosed private equity firm on Jan. 9. The offer was priced at $7 a share, more than double the company's recent share price of $3.41.
So far, the stock has run up to $4.81 a share, a substantial gain. On the other hand, there's still quite a bit of distance between the current share price and the offer, suggesting that there is some doubt in the market as to the seriousness of the offer, or whether the acquisition will really take place.
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