SEC Contract Filing

Filing Date: 2020-05-11

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>3
<FILENAME>srne-ex103_167.htm
<DESCRIPTION>EX-10.3
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.3</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">March&#160;31, 2020</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Nanjing Hongjing Enterprise Management Consulting Co., Ltd.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Executive Director</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Room&#160;2606, International Trade Center, No.18 East Zhongshan Road, Nanjing, China, 210005</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dear Mr Men:</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thank you for expressing an interest in the acquisition of Levena (Suzhou) Biopharma Co., Ltd., a Chinese corporation, located at B8-301, No. 218, Xinghu Street, Suzhou Industrial Park, Suzhou, China (&#8220;<font style="font-weight:bold;">Levena</font>&#8221;), a wholly owned subsidiary of Sorrento Therapeutics, Inc. (&#8220;<font style="font-weight:bold;">Sorrento</font>&#8221;), or such other entity that contains all operational assets of the Levena business (the &#8220;<font style="font-weight:bold;">Acquisition</font>&#8221;).</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">When executed by Nanjing Hongjing Enterprise Management Consulting Co., Ltd. (the &#8220;<font style="font-weight:bold;">Purchaser</font>&#8221;), in the manner hereinafter provided, this letter will be a binding letter of intent (this &#8220;<font style="font-weight:bold;">Letter Agreement</font>&#8221;) for the Acquisition. The contents of this Letter Agreement are strictly confidential and this Letter Agreement is being provided by Sorrento to Purchaser pursuant to that certain non-disclosure agreement, dated March&#160;28, 2020, by and between Sorrento and Purchaser (the &#8220;<font style="font-weight:bold;">NDA</font>&#8221;). Accordingly, this letter should not be shared or discussed with any parties outside of Sorrento and Purchaser, other than their respective advisors who have a need to know such information in order to fulfill their professional responsibilities and who are subject to confidentiality obligations at least as restrictive as those contained in the NDA.</p>
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<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td>
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<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><font style="text-decoration:underline;">Terms; Definitive Documents</font>. The key terms of the Acquisition are set forth on <font style="text-decoration:underline;">Exhibit&#160;A</font> hereto, though the terms set forth therein do not contain all the terms and conditions that will govern the Acquisition, which additional terms shall be subject to mutual agreement. Promptly following the effectiveness of this Letter Agreement, each party will negotiate in good faith to agree upon: (a)&#160;a definitive written agreement to be executed by the parties setting forth the terms of the Acquisition (the &#8220;<font style="font-weight:bold;">Definitive Agreement</font>&#8221;) and incorporating the terms set forth in this Letter Agreement (including <font style="text-decoration:underline;">Exhibit&#160;A</font>, which is hereby incorporated by reference) and such other customary representations, warranties, covenants and terms as are necessary and appropriate for transactions similar to the Acquisition and as are mutually agreed.</p></td></tr></table></div>
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