Sorrento Therapeutics Buys Concortis Biosystems

San Diego-based Sorrento Therapeutics announced this morning that it is acquiring fellow, San Diego biotech Concortis Biosystems, to bolster its library of antibodies. According to Sorrento Therapeutics, it will issue 1,331,978 shares of its common stock for Concortis. The deal is worth approximately $11.6M, based on the recent pricing of Sorrento's stock. As part of the acquisition, David (Zhenwei) Miao, PhD, Co-Founder, President and CSO of Concortis, will become Chief Technology Officer at Sorrento.