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Sorrento Therapeutics rejects all-cash takeout proposal

Nov 25 (Reuters) - Sorrento Therapeutics Inc said on Monday it had rejected an unsolicited buyout proposal from two pharmaceutical companies, saying it significantly undervalued the firm.

The company said the all-cash offer on Saturday to buy all outstanding shares for between $3.00 and $5.00 per share was not in the best interest of its stockholders.

Sorrento's shares, which closed at $1.60 on Friday, soared 50% in premarket trading on Monday. (Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Maju Samuel)