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Sorrento Board Rejects Acquisition Proposal - Quick Facts

Sorrento Therapeutics, Inc. (SRNE) said its Board has unanimously rejected the acquisition proposal from a private equity fund as the offer significantly undervalues Sorrento. The non-binding proposal received on January 9, 2020 was valued up to $7.00 per share.

In November 2019, Sorrento rejected 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.

Sorrento said its management continues to execute on the core drug development and to pursue multiple potential strategic alliances and transactions.

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