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Jan. 10, 2020, 8:30 a.m. EST

Sorrento shares rise on private equity proposal

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By Jaimy Lee

Shares of Sorrento Therapeutics Inc. /zigman2/quotes/205669265/composite SRNE -7.24% soared 47% in premarket trading on Friday on heavy volume after the company said it received an offer from an unnamed private equity firm on Thursday. The proposal is for the acquisition of a majority or all of Sorrento's shares for up to $7 per share. Sorrento said its board is currently reviewing the proposal. Last month, the company added two board members: Edgar Lee, then a managing director at Oaktree Capital Management, and Dr. Robin Smith, a physician who also serves on a number of boards, including Celularity Inc. and Seelos Therapeutics /zigman2/quotes/201189599/composite SEEL -4.96% . Sorrento's stock is up 38% over the last 52 weeks. That's compared to the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.84% , which has gained 26%.

/zigman2/quotes/205669265/composite
US : U.S.: Nasdaq
$ 4.23
-0.33 -7.24%
Volume: 4.82M
Jan. 18, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.40 billion
Rev. per Employee
$102,257
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/zigman2/quotes/201189599/composite
US : U.S.: Nasdaq
$ 1.34
-0.07 -4.96%
Volume: 1.09M
Jan. 18, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$147.99 million
Rev. per Employee
N/A
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/zigman2/quotes/210599714/realtime
US : S&P US
4,577.11
-85.74 -1.84%
Volume: 2.74B
Jan. 18, 2022 4:56p
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