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Sorrento Adds ADC Development Capabilities With Concortis Buyout

The San Diego biotech hopes to develop antibody-drug conjugate therapies for cancer that will offer more specific targeting and more stable drug-to-antibody ratios, compared to ADCs now on the market. The acquisition is just the latest in a busy stretch of deal-making for Sorrento.

Antibody-discovery play Sorrento Therapeutics Inc. capped off a busy stretch of recent deal-making Nov. 14 by announcing the purchase of privately held Concortis BioSystems Corp. for roughly $12 million in a stock transaction. The deal between two San Diego-based biotechs brings Sorrento the toxins and linking technologies needed to incorporate its proprietary G-MAB antibodies into antibody-drug conjugate (ADC) products for cancer.

Under the agreement, Sorrento will issue 1.3 million shares of stock to Concortis shareholders to close the deal. Shares of...

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