A private equity fund made a a non-binding proposal to acquire Sorrento Therapeutics, Inc. (NasdaqCM:SRNE) for approximately $940 million on January 9, 2020. As reported, the private equity fund will acquire a majority or all of the issued and outstanding shares of Sorrento Therapeutics, Inc. for up to $7.00 per share. On January 27, 2020, Sorrento Therapeutics, Inc.'s Board of Directors has unanimously rejected the non- binding proposal. Sorrento’s Board of Directors determined that the offer significantly undervalues Sorrento and is not in the best interest of its shareholders. A private equity fund cancelled the acquisition of Sorrento Therapeutics, Inc. (NasdaqCM:SRNE) on January 27, 2020.