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Sorrento Therapeutics Adopts Stockholder Rights Plan
Date:11/12/2013

SAN DIEGO, Nov. 12, 2013 /PRNewswire/ -- Sorrento Therapeutics,  Inc. (NASDAQ: SRNE) announced that its Board of Directors adopted a stockholder rights plan (the "Rights Plan" or "Plan") and declared a dividend distribution of one right ("Right") for each outstanding share of Sorrento common stock.

The Rights Plan is intended to protect Sorrento and its stockholders from efforts to obtain control of Sorrento that the Board of Directors determines are not in the best interests of Sorrento and its stockholders, and to enable all stockholders to realize the long-term value of their investment in Sorrento. The Rights Plan is not intended to interfere with any merger, tender or exchange offer or other business combination approved by the Board of Directors.

Pursuant to the Plan, Sorrento is issuing one Right for each current share of common stock outstanding at the close of business on November 18, 2013. Initially, these rights will not be exercisable and will trade with the shares of Sorrento's common stock. If the Rights become exercisable, each Right will entitle stockholders to buy one one-thousandth of a share of a new series of participating preferred stock at an exercise price of $150 per Right.

The Rights will be exercisable only if a person or group acquires 15% or more of Sorrento's common stock in a transaction not approved by Sorrento's Board of Directors. If a person or group acquires 15% or more of Sorrento's outstanding common stock, each Right will entitle its holder (other than such person or members of such group) to purchase, at the Right's exercise price (subject to adjustment as provided in the Plan), a number of shares of Sorrento's common stock having a then-current market value of twice the exercise price.

In addition, if after a person or group acquires 15% or more of Sorrento's outstanding common st
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SOURCE Sorrento Therapeutics, Inc.
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