Why Sorrento Therapeutics Stock Surged Today

Shares of Sorrento Therapeutics (NASDAQ: SRNE) jumped 10.5% on Wednesday, as investors cheered two positive announcements from the biopharmaceutical company.

Sorrento said it completed its acquisition of ACEA Therapeutics for roughly $38 million, as well as up to $450 million in additional payments if certain regulatory approvals and sales goals are met. Sorrento praised the drugmaker's pipeline, which includes abivertinib, which has generated promising clinical trial results in lymphoma and non-small cell lung cancer.

Abivertinib is also being evaluated in phase 2 clinical trials for the treatment of acute respiratory distress syndrome (ARDS) associated with COVID-19. Sorrento said it expects to share the results from this trial by late September.

Source Fool.com