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July 31, 2014
17:41 EDTSRNESorrento Therapeutics announces unexpected death of Chief Business Officer
Sorrento Therapeutics announced the death of Amar Singh, Chief Business Officer and executive VP. Singh died suddenly and unexpectedly of apparent natural causes on July 30.
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August 3, 2015
06:13 EDTSRNESorrento Therapeutics in-licenses four late-stage clinical biobetter antibodies
Sorrento Therapeutics announced that it has entered into an exclusive licensing agreement to develop and commercialize multiple prespecified and undisclosed biosimilar or biobetter antibodies from Mabtech Limited, a holding company for premier antibody development and manufacturing companies in China. Under the terms of the agreement, Sorrento will develop and market these 4 monoclonal antibodies for the North American, European and Japanese market. Each of the mAbs has completed a Phase III study; two are currently in registration for marketing approval in China, while the other two are under data analyses for subsequent NDA submission in China. One of the biobetter mAbs is based on a Top 10-selling oncology drug and the other a Top 5-selling antibody to treat auto-immune diseases. Together these 4 mAbs target an established market with combined annual global sales in 2014 in excess of $13B. Based on a study by GBI Research the global biosimilar market could reach an estimated $55B by 2020.
July 29, 2015
07:59 EDTSRNESorrento 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.
July 23, 2015
10:05 EDTSRNEHigh option volume stocks
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