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Sorrento Therapeutics Inc Enters Into Definitive Agreement To Acquire San Diego-Based Concortis Biosystems Corp

Thursday, 14 Nov 2013 07:00am EST 

Sorrento Therapeutics Inc announced the entry into a definitive agreement to acquire San Diego-based Concortis Biosystems Corp in a deal that provides Sorrento with a comprehensive technology platform for generation of antibody drug conjugates (ADC). Under the terms of the agreement dated November 11, 2013, upon closing, Sorrento will issue an aggregate of 1,331,978 shares of its common stock to the Concortis shareholders. Financial terms of the transaction were not disclosed.