Deals and Financings
Sorrento Therapeutics (SRNE), a San Diego-Nanjing-Suzhou biopharma, rejected a $7 per share take-private offer from an unnamed PE company that valued the company at $933 million. Sorrento, which is facing a cash crunch, reported a loss of $57 million over the last 12 months, while it has only $35 million of cash on hand. Nevertheless, the board of directors said the offer "significantly undervalues" the company, which has a portfolio of immunoncology assets in its pipeline and one marketed drug, ZTlido (lidocaine), for pain.
Ocumension, a China ophthalmology company, announced a $12