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home / news releases / SRNE - Sorrento acquires a majority stake in FortuneBio to meet demand for rapid COVID-19 test

SRNE - Sorrento acquires a majority stake in FortuneBio to meet demand for rapid COVID-19 test

Sorrento Therapeutics Inc.
Sorrento Therapeutics (NASDAQ:SRNE) announced the acquisition of Chinese-based diagnostic test maker, Zhengzhou Fortune Bioscience as the company plans to ramp up the production of its COVISTIX COVID-19 VIRUS Rapid Antigen Detection Test. The deal includes an option for Sorrento (SRNE) to acquire 100% of the company. The financial terms of the acquisition were not disclosed. A specialist manufacturer of lateral flow diagnostic tests, FortuneBio serves more than 20 countries with its portfolio of pregnancy tests, fecal occult blood tests, and drug abuse test kits. Its ISO-certified manufacturing plant has a capacity to manufacture tens of millions of lateral flow tests per month, Sorrento (SRNE) said on Thursday announcing the transaction. FortuneBio is currently expanding its production capacity to meet the global demand for COVISTIX. “By acquiring a majority stake in FortuneBio, Sorrento is in a better position to rapidly respond to the ever-changing demand of rapid COVID testing and broaden

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Sorrento acquires a majority stake in FortuneBio to meet demand for rapid COVID-19 test
Stock Information
Company Name: Sorrento Therapeutics Inc.
Stock Symbol: SRNE
Market: NASDAQ
Website: sorrentotherapeutics.com
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