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Sorrento stocks soar as company discloses acquisition offer from PE fund

Sorrento Therapeutics Inc. said it received a nonbinding offer from a private equity fund to acquire a majority or all of the issued and outstanding shares of the company for up to $7 per share.

The San Diego-based biotechnology company's stock was up by 46.33% to $4.99 in pre-market trading Jan. 10 on Nasdaq.

The company did not disclose the name of the interested party.

According to a report from Reuters, the proposed offer values the company at about $993 million. Sorrento's market capitalization stood at about $483.8 million at the close of Jan. 9.

Sorrento said the company was reviewing the proposal, which was received Jan. 9, though there was no guarantee that a transaction will take place.

In November 2019, Sorrento rejected an unsolicited offer from two unnamed biopharmaceutical companies who were seeking to acquire the company for between $3 and $5 per share in cash.