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Sorrento Therapeutics to acquire antibody drug conjugation technology

Sorrento Therapeutics entered into a definitive agreement to acquire San Diego-based Concortis Biosystems, Corp. in a deal that provides Sorrento with a comprehensive technology platform for generation of antibody drug conjugates. Upon closing, Sorrento will issue an aggregate of 1,331,978 shares of its common stock to the Concortis shareholders. This acquisition will enable Sorrento to utilize the antibodies identified from its G-MAB library along with Concortis' conjugation technologies and novel toxins to create a new generation of ADCs.