Sorrento Gains $150M In Private Placement

San Diego-based biopharmaceuticals developer Sorrento Therapeutics says it has raised $150M in a private placement, in the publicly traded company. According to Sorrento Therapeutics, the new funding was led by Ally Bridge Group, and also included Yuhan Corporation of South Korea, along other institutional investors. Sorrento said that the investors will invest up to $150M in separate private placements, at $5.55 per share, and also receive warrants to purchase common stock at $8.50 per share in the company. Sorrento Therapeutics is targeting the treatment of cancer, inflammation and autoimmune diseases. More information »