SRNE - The Return of M&A Activity Is Lifting These Biotech Stocks Today
After a brief lull in pharma industry merger and acquisition activity in recent months, two announcements today have broken the silence.
Novartis offered to gobble up The Medicines Company (NASDAQ: MDCO) for $9.7 billion in total consideration. Shares of the acquisition target have exploded 330% since the beginning of 2019.
Additionally, Sorrento Therapeutics (NASDAQ: SRNE) announced that it had turned down all-cash offers from two biopharma companies and is instead forging ahead with licensing and collaboration deals. Shares rose as much as 99.4% on the disclosure.