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Sorrento Confirms Receipt And Rejection Of Acquisition Offer - Quick Facts

Biopharmaceutical company Sorrento Therapeutics, Inc. (SRNE) confirmed Monday that it received an unsolicited, non-binding term sheet proposal submitted by two biopharmaceutical companies on November 23, to acquire all of the issued and outstanding shares of the Company for between $3.00 and $5.00 per share in cash.

The Sorrento Board unanimously rejected the proposal after reviewing it in consultation with its advisors, determining that the offer significantly undervalued Sorrento and was not in the best interest of the Company's stockholders.

Sorrento said 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.

Sorrento has not revealed the names of the two biopharmaceutical companies who submitted the offer.

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