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:10/11/2017)... 11, 2017  Hill-Rom Holdings, Inc. ("Hill-Rom") (NYSE: HRC), ... in Las Piedras, Puerto Rico , ... Following a ... sustained minor structural damage, temporary loss of power and ... been completed, manufacturing operations have resumed, and the company ...
(Date:10/10/2017)... , Oct. 10, 2017   West Pharmaceutical Services, ... solutions for injectable drug administration, today shared the results ... Adapter for improving the intradermal administration of polio vaccines. ... Vaccination Summit in May 2017 by Dr. Ondrej ... Department, World Health Organization (WHO), and recently published in ...
(Date:10/5/2017)...  In response to the nationwide opioid epidemic, ... (AAOMS) released prescribing recommendations that urge ibuprofen – ... a first-line therapy to manage a patient,s acute ... Recognizing the value and importance of the ... Acute and Postoperative Pain Management" stresses that practitioners ...
Breaking Medicine Technology:
(Date:10/13/2017)... ... October 13, 2017 , ... The American Board of Family Medicine's (ABFM) Board ... Chief Executive Officer, succeeding Dr. James C. Puffer upon his retirement. Dr. Newton will ... Dr. Puffer’s retirement at the end of 2018. Upon assuming the role of President ...
(Date:10/13/2017)... ... ... Lori R. Somekh, founder of the Law Office of Somekh & ... and special needs planning attorneys. “Membership in ElderCounsel helps our office remain up to ... with elder law attorneys nationwide,” said Somekh. , ElderCounsel was founded ...
(Date:10/13/2017)... , ... October 13, 2017 , ... Ellevate Network, the ... business to advocate for action towards gender equality at their inaugural Summit in New ... the globe, and reached a social audience of over 3 million. To watch the ...
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... ... DevOps and Agile Software Development, has been awarded a contract by the Center ... Purchase Agreement (BPA) aims to accelerate the enterprise use of Agile methodologies in ...
(Date:10/12/2017)... ... October 12, 2017 , ... CitiDent ... sleep apnea using cutting-edge Oventus O2Vent technology. As many as 18 million ... by frequent cessation in breathing. Oral appliances can offer significant relief to about ...
Breaking Medicine News(10 mins):