Sorrento's biotech buyouts bag CAR-T drugs

The headline here neatly summarizes almost all we know about this deal. Sorrento Therapeutics ($SRNE), closely allied with Patrick Soon-Shiong's fast-growing oncology drug empire, has bagged two private biotech companies, adding some CAR-T therapies to the mix. There's no word on which companies Sorrento bought, or what the exec team paid, but Sorrento says the deal fits neatly into its steadily growing pipeline for immuno-oncology therapies as well as new work on biosimilars. San Diego-based Sorrento says these new CAR-T therapies--which take T cells and equip them with chimeric antigen receptors to aim them straight at cancer cells--will make for promising combinations with its anti-PD1 checkpoint program and  anti-CTLA4 monoclonal antibodies. Release