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Sorrento Therapeutics Inc completes acquisition of Concortis Biosystems

Thursday, 19 Dec 2013 07:11pm EST 

Sorrento Therapeutics Inc:Says that it has completed its acquisition of Concortis Biosystems, Corp., providing Sorrento with a comprehensive technology platform to create a new generation of homogenous antibody drug conjugates (ADCs) with site-specific toxin conjugation and consistent drug-antibody ratios.Says with the close of the deal, Sorrento has issued an aggregate of 1,331,978 shares of its common stock to the Concortis shareholders.Says based on the closing share price on Dec. 18, 2013, the transaction is valued at $11.3 million.