Sorrento Therapeutics, Inc. engages in the research, development and manufacture of biopharmaceutical products. It focuses on therapies to treat specific stages in the evolution of cancer, from elimination to equilibrium and escape which include biosimilars, immuno-oncology antibodies, cellular therapy, cell internalizing antibodies, and antibody-drug conjugates. The company was founded by Henry H. Ji in 2006 and is headquartered in San Diego, CA. (MarketWatch)
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Shares of the mid-cap biotech Sorrento Therapeutics (NASDAQ: SRNE ) jumped by as much as 20.6% in premarket trading Friday morning. The company's shares are bolting higher in response to the news that its wholly-owned subsidiary SmartPharm Therapeutics had landed a $34 million contract from the Defense Advanced Research Projects Agency (DARPA) to develop a rapid countermeasure against COVID-19. Fool.