Sorrento Therapeutics Receives A Well Timed Takeover Bid Days After An S-3 Filing

About: Sorrento Therapeutics, Inc. (SRNE)
by: Edward Vranic, CFA
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Edward Vranic, CFA
Long/short equity, Growth, momentum, event-driven

SRNE has been on the rise in the last few months since talk of multiple takeover bids.

The takeover bid announcements have been conveniently timed right after the conversion of debt at $1.70 per share.

The owners of the converted debt are mostly BVI funds with little online footprint. What little footprint there is, it is tied to Sorrento.

Sorrento Therapeutics, Inc. (SRNE) announced that it received a non-binding acquisition proposal of $7.00 per share on the morning of January 10th. This was a follow up to the two unnamed bids in