Sorrento Therapeutics Inc (SRNE)

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Sorrento Awarded California Competes Tax Credit
November 7, 2021 at 1:08 PM EST
SAN DIEGO, Nov. 07, 2021 (GLOBE NEWSWIRE) -- Sorrento Therapeutics, Inc. (Nasdaq: SRNE, "Sorrento") today announced that the California Competes Tax Credit Committee has approved the California Competes Tax Credit Allocation Agreement (the “Agreement”) between Sorrento and the California Governor’s Office of Business and Economic Development (“GO-Biz”). Pursuant to the Agreement, Sorrento has been awarded, subject to the satisfaction of certain milestones specified in the Agreement, an income tax credit from the State of California in an aggregate amount of up to $25,000,000. This incentivized credit is expected to support Sorrento’s vision of growth and expansion within the State of California.

"We are grateful to the State of California and GO-Biz for this award," stated Dr. Henry Ji, Chairman and CEO of Sorrento. "As a company founded in San Diego, we are pleased to be in a position to create more high-quality jobs in San Diego’s vibrant life sciences industry and invest in growing our footprint in the community we call home."

Sorrento is expanding its facilities and operations in San Diego, including the addition of a new 163,000 square-foot facility in Sorrento Mesa, also known as Sorrento Gateway.