Why Sorrento Therapeutics Stock Surged Today
What happened
Shares of Sorrento Therapeutics (NASDAQ:SRNE) jumped 10.5% on Wednesday, as investors cheered two positive announcements from the biopharmaceutical company.
So what
Sorrento said it completed its acquisition of ACEA Therapeutics for roughly $38 million, as well as up to $450 million in additional payments if certain regulatory approvals and sales goals are met. Sorrento praised the drugmaker’s pipeline, which includes abivertinib, which has generated promising clinical trial results…
