Sorrento Therapeutics Inc said on Monday it had rejected an unsolicited buyout proposal from two pharmaceutical companies, saying it significantly undervalued the drugmaker and was not in the best interests of its shareholders. The all-cash deal on Saturday offered between $3 and $5 for each of Sorrento’s outstanding shares, the company said. At the higher-end of the offer, Sorrento would have been valued at $709.4 million, while its current market capitalization stands at nearly $227 million. …read more
Source:: Yahoo Finance
