Why Sorrento Therapeutics Stock Is Skyrocketing Today
Shares of Sorrento Therapeutics (NASDAQ: SRNE) were skyrocketing 48.4% higher as of 10:50 a.m. EST on Monday. This huge gain came after Sorrento announced that its board of directors unanimously rejected an unsolicited offer from two unnamed biopharmaceutical companies to buy Sorrento for between $3 and $5 per share in cash.
There are two key things to know about this unsolicited offer to buy Sorrento. First, the low end of the proposed offer range represented a premium of nearly 88% above Sorrento's closing price on Friday, and the high end of the range represented a premium of nearly 213%. Second, Sorrento's board rejected the offer because it "determined that the offer significantly undervalued Sorrento and was not in the best interest of the Company's stockholders."
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Source Fool.com
