Thursday, March 7, 2013

Sorrento Therapeutics To Buy IGDRASOL

San Diego-based biopharmaceuticals developer Sorrento Therapeutics announced today that it has signed an exclusive option to acquired Fountain Valley-based IGDRASOL, a company developing oncologic agents for treating metastatic breast cancer (MBC), non-small cell lung cancer (NSCLC) and other cancers. Sorrento said it will buy IGDRASOL by issuing 76,199,171 shares of its common stock, or approximately $18.2M. The firm also said it will pay out an additional 32,656,788 shares of its common stock if regulatory milestones are met.