Sorrento Therapeutics, Inc. Received and Rejected Unsolicited All Cash Acquisition Proposal
25 November 2019 - 11:00PM
Sorrento Therapeutics, Inc. (NASDAQ: SRNE, "Sorrento" or the
“Company”), confirmed today that on November 23, 2019, it received
an unsolicited, non-binding term sheet proposal submitted by two
biopharmaceutical companies, to acquire all of the issued and
outstanding shares of the Company for between $3.00 and $5.00 per
share in cash.
After reviewing the proposal in consultation with its advisors,
Sorrento’s Board of Directors (the “Board”) determined that the
offer significantly undervalued Sorrento and was not in the best
interest of the Company’s stockholders. Accordingly, the Board
unanimously rejected the proposal.
The Company is in active late-stage licensing and collaboration
discussions with leading biopharmaceutical companies for the
Company’s immuno-oncology products, including multiple targets to
be deployed within the KOKI DAR-T platform. The Company believes
that these pending transactions alone represent potential short-
and long-term value creation significantly exceeding the current
all cash proposal.
Dr. Henry Ji, Chairman and Chief Executive Officer, said, "the
Sorrento Board of Directors and management team are committed to
serving the best interests of the Company and Sorrento
stockholders, and are confident in the Company's strategic
direction and our ability to implement it.”
There is no guarantee or certainty that the unsolicited proposal
to acquire Sorrento will lead to a recommended firm offer to all
stockholders of the Company, or that the Company will complete any
pending licensing or collaboration transaction for Sorrento’s
immunotherapy platforms.
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, the Company’s
pending licensing and collaboration transactions, and developments
of, and prospects for, Sorrento's and its subsidiaries’ and
affiliates’ products and technologies. 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 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
Telephone: 1.858.203.4120
Email: 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.
© 2019 Sorrento Therapeutics, Inc. All Rights Reserved.
Sorrento Therapeutics (NASDAQ:SRNE)
Historical Stock Chart
From Apr 2024 to May 2024
Sorrento Therapeutics (NASDAQ:SRNE)
Historical Stock Chart
From May 2023 to May 2024