Sorrento Therapeutics and Morphotek sign drug development agreement Sorrento Therapeutics subsidiary Concortis Biosystems announced a collaboration to generate novel antibody drug conjugates based on a Morphotek antibody linked to chemotherapeutic agents using Concortis' proprietary ADC Technology. Under the terms of the agreement, Sorrento will receive research fees, up-front payment, milestone payments and royalties on future net sales. Sorrento has the potential to receive up to $50M upon successful attainment of key milestones.
Sorrento Therapeutics price target raised to $26 from $17 at Brean Capital Brean Capital raised its price target on Sorrento Therapeutics (SRNE) to $26 from $17 as they believe the successful Nantkwest (NK) IPO has validated the company and its strategy. The firm noted Sorrento is an equal partner in the ownership of Nantkwest and thus feels it deserves a similar valuation, which is not priced in. Brean Capital reiterated its Buy rating on Sorrento shares.