Sorrento To Buy Concortis Biosystems - Quick Facts

(RTTNews) - Sorrento Therapeutics Inc. (SRNE) announced a definitive agreement to acquire San Diego-based Concortis Biosystems, Corp. Sorrento said the deal provides company with a comprehensive technology platform for generation of antibody drug conjugates.

Subject to certain closing conditions, upon closing, Sorrento will issue an aggregate of 1,331,978 shares of its common stock to the Concortis shareholders. Upon the closing of deal, David Miao, Co-Founder, President and CSO of Concortis will become Sorrento's Chief Technology Officer.

Sorrento said the acquisition will enable it to utilize the antibodies identified from its G-MAB library along with Concortis' conjugation technologies and novel toxins to create a new generation of antibody drug conjugates.