SECURITIES AND EXCHANGE COMMISSION
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PURSUANT TO SECTION 13 OR 15(d)
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Item 1.01 Entry into a Material Definitive Agreement.
On July 1, 2021, Sorrento Therapeutics, Inc. (the “Company”) entered into a binding term sheet (the “Term Sheet”) with HCP Life Science REIT, Inc. (“Landlord”) setting forth the terms and conditions by which the Company will lease premises located at 4930 Directors Place, San Diego, California (the “Building”). The lease (the “Lease”) will have an initial 188-month term and include approximately 163,205 rentable square feet.
The commencement date of the Lease will be determined at a later date. The initial rent for the Lease is approximately $5.10 per square foot and is subject to an annual increase.
Pursuant to the Term Sheet, not less than twelve months prior to the expiration of the then-current term of the Lease, the Company has an option to extend the Lease term for up to two additional five-year terms at then current market rates.
Pursuant to the Term Sheet, the Company’s existing lease agreements with the Landlord for 9380 Judicial Drive, 4921 Directors Place, 4955 Directors Place and 4939 Directors Place (the “Other Leases”) shall be extended to be coterminous with the term of the Lease and the initial rent for the extension period of each of the Other Leases shall be at then current market rates.
The foregoing summary of the Term Sheet does not purport to be complete and is qualified in its entirety by reference to the full text of the Term Sheet, which the Company expects to file with the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2021.
The information regarding the Term Sheet set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.
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: July 7, 2021||By:||/s/ Henry Ji, Ph.D.|
|Name: Henry Ji, Ph.D.|
|Title: Chairman of the Board, President and Chief Executive Officer|