Sorrento Therapeutics (SRNE) Files for Bankruptcy

Yep.


OPKO Records Highly Successful Exit of Investment in Sorrento Therapeutics

Download as PDFDecember 19, 2013


Contributes Approximately $22 million to Cash Position; Almost Ten-Fold Return on Original Investment



MIAMI--(BUSINESS WIRE)-- OPKO Health, Inc. (NYSE:OPK) has completed the sale of its stake in Sorrento Therapeutics, Inc. (NASDAQ: SRNE), a publicly-traded, clinical-stage biopharmaceutical company focused primarily on the acquisition, discovery, development and commercialization of proprietary therapeutics (“Sorrento”). The sale of Sorrento shares adds approximately $22 million to OPKO’s cash position and represents an approximate ten-fold return of OPKO’s 2009 investment.



"The highly successful exit from our investment in Sorrento further crystallizes our strategy of making small investments in other health care companies to either have access to new technology for our product pipeline or to benefit from appreciation in the value of our investment,” said Phillip Frost, M.D., Chairman and CEO of OPKO. “Following this sale, our investment portfolio in other health care companies is still far in excess of our cost.”



About OPKO Health, Inc.



OPKO is a multinational biopharmaceutical and diagnostics company that seeks to establish industry leading positions in large, rapidly growing markets by leveraging its discovery, development and commercialization expertise and novel and proprietary technologies.