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Sorrento Therapeutics to take on start-up SmartPharm in an all-paper deal worth US$19.4mln

The transaction should close in early September, the company said

Sorrento Therapeutics -

There was some after-hours traction for Sorrento Therapeutics Inc (NASDAQ:SRNE) after it formally agreed to acquire SmartPharm in an all-paper deal worth US$19.4mln.

The start-up is a specialist in antibody technology that Sorrento wants to take into battle against the coronavirus.

“From the first emergence of this deadly coronavirus, Sorrento has dedicated their resources to the development of multiple countermeasures to COVID-19, including potent antibody candidates,” said Henry Ji, Sorrento chief executive.

“This merger should help accelerate our gene-encoded antibody platform technology (Gene Mab) with the ultimate goal of helping patients affected by this global pandemic as well as other diseases.”

The deal should close early September.

Quick facts: Sorrento Therapeutics

Price: 7.99 USD

NASDAQ:SRNE
Market: NASDAQ
Market Cap: $2.1 billion
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