Can you feel the ground moving beneath your feet? Shares of Sorrento Therapeutics (SRNE) skyrocket 70% today after the small drug maker were made an offer they could, apparently, refuse. The biotech announced it received an unsolicited proposal by two biopharmaceutical companies to acquire all the company’s issued and outstanding shares, in cash, for a price between $3 and $5 per share. After consulting with the company’s advisors, the board rejected the offer on the basis the deal significantly undervalued the biotech and would be against stockholders’ interests. Sorrento believes its immuno-oncology products have short- and long-term value and has …read more
Source:: Yahoo Finance
