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Item 1.01. Entry into a Material Definitive Agreement.
On March 31, 2020, Sorrento Therapeutics, Inc. (the “Company”) and Nanjing Hongjing Enterprise Management Consulting Co., Ltd. (the “Purchaser”) entered into a binding term sheet (the “Binding Term Sheet”) setting forth the terms and conditions by which the Company will sell to the Purchaser certain assets related to the Company’s operations in China (the “Acquisition”). Subject to certain conditions, at the closing of the Acquisition (the “Closing”), the Purchaser will pay the Company $30.0 million.
The final terms of the Acquisition are subject to the negotiation and finalization of the definitive agreements relating to the Acquisition and the material terms of the Acquisition may differ from those set forth in the Binding Term Sheet. In addition, the Closing will be subject to various customary and other closing conditions.
The foregoing summary of the Binding Term Sheet does not purport to be complete and is qualified in its entirety by reference to the full text of the Binding Term Sheet that the Company will file with the Securities and Exchange Commission as an exhibit to its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2020.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|SORRENTO THERAPEUTICS, INC.|
|Date: March 31, 2020||By:||/s/ Henry Ji, Ph.D.|
|Name: Henry Ji, Ph.D.|
|Title: Chairman of the Board, President and Chief Executive Officer|