Sorrento Therapeutics, Inc. Received Non-Binding Acquisition Proposal
January 10 2020 - 7:00AM
Sorrento Therapeutics, Inc. (NASDAQ: SRNE, “Sorrento” or the
“Company”), announced today that on January 9, 2020, it received a
non-binding proposal from a private equity fund to acquire a
majority or all of the issued and outstanding shares of the Company
for up to $7.00 per share.
Consistent with its fiduciary responsibilities, the Company’s
Board of Directors is carefully reviewing the proposal with the
assistance of its advisors to determine the course of action it
believes is in the best interests of the Company and its
stockholders.
There is no assurance that any transaction will occur. Sorrento
stockholders are not required to take any action at this time.
About Sorrento Therapeutics, Inc.
Sorrento is a clinical stage, antibody-centric,
biopharmaceutical company developing new therapies to turn
malignant cancers into manageable and possibly curable diseases.
Sorrento's multimodal multipronged approach to fighting cancer is
made possible by its’ extensive immuno-oncology platforms,
including key assets such as fully human antibodies (“G-MAB™
library”), antibody-drug conjugates (“ADC”) as well CAR-T and
oncolytic virus (“Seprehvir®”).
Sorrento's commitment to life-enhancing therapies for cancer
patients is also demonstrated by our effort to advance a
first-in-class (TRPV1 agonist) RTX and ZTlido®. RTX is completing a
phase IB trial in terminal cancer patients. ZTlido® was approved by
US FDA on February 28, 2018.
For more information visit www.sorrentotherapeutics.com.
Forward-Looking Statements
This press release and any statements made for and during any
presentation or meeting contain forward-looking statements related
to Sorrento Therapeutics, Inc. under the safe harbor provisions of
Section 21E of the Private Securities Litigation Reform Act of 1995
and subject to risks and uncertainties that could cause actual
results to differ materially from those projected. Forward looking
statements include statements regarding the consideration of the
unsolicited acquisition offer received by Sorrento and other
matters that are described in Sorrento's Annual Report on Form 10-K
for the year ended December 31, 2018, and subsequent Quarterly
Reports on Form 10-Q filed with the Securities and Exchange
Commission, including the risk factors set forth in those filings.
Investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release and we undertake no obligation to update any
forward-looking statement in this press release except as required
by law.
Media and Investor Relations
Contact: Alexis Nahama, DVM (SVP Corporate
Development)Telephone: 1.858.203.4120Email:
mediarelations@sorrentotherapeutics.com
ZTlido® and G-MAB™ are trademarks owned by Scilex
Pharmaceuticals Inc. and Sorrento, respectively.Seprehvir®, is a
registered trademark of Virttu Biologics Limited, a wholly
owned subsidiary of TNK Therapeutics, Inc. and part of the group of
companies owned by Sorrento Therapeutics, Inc.All other trademarks
are the property of their respective owners.
© 2020 Sorrento Therapeutics, Inc. All Rights Reserved.
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