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.

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Sorrento Awarded California Competes Tax Credit