Shares of Sorrento Therapeutics (SRNE) are rallying after Matthew Herper of Forbes reported that Celularity, a company spun out of Celgene (CELG), raised $250M with the aim of developing cells from placentas to attack tumors and to treat Crohn’s disease. In his letter to shareholders February 5, Sorrento Therapeutics CEO Henry Ji highlighted Celularity. He wrote that one of the company’s achievements in 2017 was entering into a joint venture, Celularity, with co-contributors and partners, Celgene, Human Longevity, and United Therapeutics (UTHR) for the development of innovative “off-the-shelf” cellular therapeutics. Sorrento is jointly developing the CD38 CAR-T for multiple myeloma, Ji noted. Herper in his story today points out that Celularity says it has licensed 50 other potential CAR-T constructs from Sorrento. Shares of the latter are up 12%, or $1.00, to $9.25 in midday trading.