Sorrento Board Rejects Latest Acquisition Proposal
January 27 2020 - 7:00AM
Sorrento Therapeutics, Inc. (Nasdaq: SRNE, "Sorrento"), announced
that, after reviewing the latest acquisition proposal in
consultation with its advisors, Sorrento’s Board of Directors (the
“Board”) determined that the offer significantly undervalues
Sorrento and is not in the best interest of the Company’s
stockholders.
Sorrento’s management continues to execute on the core drug
development and to pursue multiple potential strategic alliances
and transactions.
Accordingly, the Board unanimously rejected the acquisition
proposal.
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 value of Sorrento and
its immuno-oncology and non-opioid pain core assets, Sorrento’s
potential strategic alliances and transactions and the development
of, and prospects for, Sorrento's and its subsidiaries'
technologies and product candidates. Risks and uncertainties that
could cause our actual results to differ materially and adversely
from those expressed in our forward-looking statements, include,
but are not limited to: risks related to Sorrento's, its
subsidiaries', affiliates’ and partners’ technologies and
prospects; clinical development risks, including risks in the
progress, timing, cost, and results of clinical trials and product
development programs; risk of difficulties or delays in obtaining
regulatory approvals; risks that clinical study results may not
meet any or all endpoints of a clinical study and that any data
generated from such studies may not support a regulatory submission
or approval; risks related to seeking regulatory approvals and
conducting clinical trials; risks of supplying drug product; risks
related to leveraging the expertise of its employees, subsidiaries,
affiliates and partners to assist the company in the execution of
its strategies; risks related to Sorrento’s debt obligations; and
other risks that are described in Sorrento's most recent periodic
reports filed with the Securities and Exchange Commission,
including 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: 1.858.203.4120
Email: mediarelations@sorrentotherapeutics.com
Sorrento® and the Sorrento logo are registered
trademarks of Sorrento Therapeutics, Inc.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.
Sorrento Therapeutics (NASDAQ:SRNE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sorrento Therapeutics (NASDAQ:SRNE)
Historical Stock Chart
From Apr 2023 to Apr 2024