Sorrento Therapeutics (SRNE) enters binding term sheet to purchase ANP Technologies
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Sorrento Therapeutics (NASDAQ: SRNE) disclosed:
On February 24, 2021, Sorrento Therapeutics, Inc. (“Sorrento”) and ANP Technologies, Inc. (“ANP”) entered into a binding term sheet (the “Binding Term Sheet”) setting forth the terms and conditions by which Sorrento will, through a subsidiary, purchase all of the issued and outstanding equity of ANP (the “Acquisition”). Contingent upon the execution of a definitive agreement between the parties (the “Definitive Agreement”) and subject to certain conditions, Sorrento will, at the closing of the Acquisition (the “Closing”), make an aggregate payment of $100,000,000 (the “Base Purchase Price”), subject to certain adjustments (the Base Purchase Price as so adjusted, the “Merger Consideration”). A minimum of $10,000,000 and up to $50,000,000 of the Merger Consideration is payable by Sorrento in cash, subject to certain conditions, with the remainder payable in shares of Sorrento common stock and the number of shares to be issued in respect thereof shall be determined based on the volume weighted average price of the shares of Sorrento common stock traded on The NASDAQ Stock Market LLC for the seven consecutive trading days’ beginning three trading days preceding the execution date of the Definitive Agreement and ending three trading days following such execution date.
Under the Binding Term Sheet, ANP has agreed to negotiate exclusively with Sorrento with respect to the Acquisition for a period of 45 days.
The final terms of the Acquisition are subject to the negotiation and finalization of the Definitive Agreement and any other 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 description of terms 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. A copy of the Binding Term Sheet will be filed with the Securities and Exchange Commission as an exhibit to Sorrento’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 or via an amendment to this Current Report on Form 8-K.
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