Sorrento Therapeutics is in the news cycle this morning after the company announced that it has completed the takeover of Sorrento Therapeutics Inc (NASDAQ:SRNE). The news came as a major boost for the stock as well and the Sorrento stock has gone up by 11% this morning already.
The acquisition is a significant one since it is going to create a major oncology entity. The merger was actually concluded yesterday and ACEA is going to operate as a fully owned subsidiary of Sorrento from now on.
Those who hold ACEA securities are going to be paid $38000000 by Sorrento before adjustments. In addition to that, Sorrento had also issued a total of 5519469 units of its common stock in order to take care of some of the outstanding debts of ACEA. The acquisition has naturally brought the Sorrento stock in sharp focus and investors could consider keeping an eye on the stock over the rest of the week.
Market Action:
At the time of writing, SRNE stock is up by 11% to $8.48. The stock has seen a total volume of 9 million shares, above its average volume of 7.91 million shares.
 Stock Hits monthly High On High Volume){kind=link}