Sorrento becomes one-stop ADC shop with $11.6m Concortis buy
This article was originally published in Scrip
Executive Summary
The recent spending spree by Sorrento Therapeutics has come to an end with the acquisition of Concortis BioSystems whose linkers and cytotoxic agents will be combined with antibodies from Sorrento's G-MAB library to create a one-stop antibody-drug conjugate (ADC) shop.
You may also be interested in...
Sage’s Dalzanemdor Prospects In Doubt After First Mid-Stage Readout
Dalzanemdor (SAGE-718) showed no difference from placebo in a Phase II Parkinson’s disease study, raising concerns about readouts later this year in Huntington’s and Alzheimer’s diseases.
First Phase III Depression Data For Intra-Cellular’s Caplyta Exceed Expectations
With positive results from the first Phase III trial of lumateperone in major depressive disorder and a second readout expected later this quarter, the company plans a supplemental filing in late 2024.
Finance Watch: Ten IPOs So Far In 2024, But Returns To Date Are Subpar
Public Company Edition: This year’s newly public companies are trading an average of 9.7% below their IPO prices, including the two most recent debuts, Boundless Bio and Contineum. Also, Nkarta, Praxis and Nurix grossed $240m, $200m and $175m, respectively, in follow-on offerings.