BioCentury
ARTICLE | Company News

Sorrento rises on NantWorks deal

May 16, 2015 1:13 AM UTC

Sorrento Therapeutics Inc. (NASDAQ:SRNE) gained $1.51 (13%) to $13.01 on news that its Igdrasol Inc. subsidiary will be acquired by Patrick Soon-Shiong's NantWorks LLC (Los Angeles, Calif.) for $90 million up front.

The acquisition will include Cynviloq, an injectable nanoparticle formulation of paclitaxel that is in the pivotal TRIBECA trial to determine bioequivalence to Abraxane nab-paclitaxel in patients with metastatic or locally recurrent breast cancer. ...