Navigation Links
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 stock, Sorrento merges into another company, an acquiring entity merges into Sorrento or Sorrento sells or transfers more than 50% of its assets, cash flow or earning power, then each Right will entitle the holder thereof to purchase, for the exercise price, a number of shares of common stock of the person engaging in the transaction having a then-current market value of twice the exercise price. The acquiring person will not be entitled to exercise these Rights.

Sorrento's Board of Directors may redeem the Rights for $0.001 per Right at any time before an event that causes the Rights to become exercisable. The Rights will expire on November 7, 2016, unless the Rights have previously been redeemed by the Board of Directors.

Additional details about the Rights Plan will be contained in a Form 8-K to be filed by Sorrento with the U.S. Securities and Exchange Commission.

About Sorrento Therapeutics, Inc.

Sorrento Therapeutics, Inc. is a publicly-traded, development-stage biopharmaceutical company engaged in the acquisition, discovery, development and commercialization of proprietary drug therapeutics for addressing significant unmet medical needs. Sorrento's therapeutic focus is oncology, including the treatment of chronic cancer pain, but is also developing therapeutic products for inflammation, metabolic, and infectious diseases. Sorrento's proprietary G-MAB® fully-human antibody library platform was designed to facilitate the rapid identification and isolation of highly specific antibody therapeutics. In addition, Sorrento is developing proprietary Antibody Drug Conjugates as well as Antibody formulated Drug Conjugates combining its G-MAB® antibodies with anti-tumor agents.

More information is available at www.sorrentotherapeutics.com.


'/>"/>
SOURCE Sorrento Therapeutics, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Sorrento Therapeutics Enters into Antibody and Vaccine Development Alliance for the Prevention and Treatment of Obesity
2. Sorrento Therapeutics Announces Closing of Public Offering of Common Stock
3. Sorrento Therapeutics Announces Pricing of Public Offering of 4,150,000 Shares of Common Stock and Listing on NASDAQ
4. Sorrento Therapeutics Secures Rights to Biomiga Diagnostics Therapeutic Drug Monitoring Device for Development of Personalized Paclitaxel Cancer Therapy
5. Sorrento Therapeutics Completes IgDraSol Merger
6. Sorrento Therapeutics to Present at Two Healthcare Conferences
7. Sorrento Therapeutics and Ben-Gurion University Sign an Agreement for the Development of Anti-Hepatitis C Virus Antibodies
8. Sorrento Therapeutics and IGDRASOL to Present Late Stage Clinical Data Updates on their Oncology Nanomedicine Platform at the Joint Meeting of the European Foundation for Clinical Nanomedicine and European Technology Platform on Nanomedicine in Base
9. Sorrento Therapeutics Receives Frost & Sullivans Prestigious 2013 Global Investment Opportunity Award in the Oncology Market
10. Sorrento Therapeutics Receives Frost & Sullivans 2013 Global Investment Opportunity Award in Oncology
11. Sorrento Therapeutics to Present at the Jefferies 2013 Global Healthcare Conference in New York City
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/28/2017)... Holdings, Inc. ("Hill-Rom") (NYSE: HRC), today announced financial results ... and updated its financial outlook for fiscal 2017. ... third quarter, Hill-Rom reported earnings of $0.09 per diluted ... prior-year period. These results reflect after-tax special items, including ... to the non-cash write-down of assets associated with the ...
(Date:7/27/2017)... Pa., July 27, 2017  West Pharmaceutical Services, Inc. ... results for the second-quarter 2017 and updated financial guidance ... Second-Quarter 2017 Highlights Reported net ... over the prior-year quarter. Net sales at constant currency ... reported-diluted EPS was $0.51, compared to $0.60 in the ...
(Date:7/26/2017)... , July 26, 2017 Sancilio Pharmaceuticals ... of our clinical trial evaluating Altemia TM , an ... (SCA) and Sickle Cell Disease (SCD). The SCOT Trial, ... the efficacy and safety of Altemia TM in ... conducted under US IND 125274. ...
Breaking Medicine Technology:
(Date:8/18/2017)... CARMEL, IN (PRWEB) , ... August 18, 2017 , ... ... 36th annual list, the most prestigious ranking of the nation's fastest-growing private companies. This ... in the exclusive Inc. 5000 ranking . This year’s ranking reflects ASH’s 76 ...
(Date:8/18/2017)... ... August 18, 2017 , ... “Beyond Our Imaginations: The ... “Beyond Our Imaginations: The Infinite God” is the creation of published author, Mark Lawrence, ... country. , Lawrence shares, “The problem with becoming a greater man of God is ...
(Date:8/18/2017)... ... ... the Snake”: an entertaining and moral-based short story about an unkind snake learning a ... Jr., a husband, father and grandfather who served as a U.S. Marine, U.S. Army ... for children and teens. My goal is to teach kids to use good judgement ...
(Date:8/17/2017)... Delaware (PRWEB) , ... August 17, 2017 , ... When ... well actually, stretcher side nurse, she took with her a dream to make nursing ... of healthcare. Specifically, ensuring communication skills were integrated into healthcare provider education. ...
(Date:8/17/2017)... ... August 17, 2017 , ... Brookfield, ... for healthcare, hospitality and education, is celebrating its 30th year in business this ... begun at manufacturing companies Square D, Allis Chalmers and Johnson Controls. Following his ...
Breaking Medicine News(10 mins):