BEIJING, Jan. 27 Sinovac Biotech Ltd. (Nasdaq: SVA)("Sinovac" or the "Company"), a leading China-based vaccine manufacturer,announced today that it has priced its public offering of 10,000,000 commonshares at $5.75 per common share. Sinovac has granted the underwriters a30-day over-allotment option to purchase up to an additional 1,500,000 commonshares on the same terms and conditions. This reflects an increase in thesize of the offering from the previously announced offering of 8,650,000common shares, plus underwriters' over-allotment option to purchase 1,297,500common shares. The closing of the offering is subject to customary closingconditions and the common shares are expected to be delivered on February 2,2010.
Sinovac will receive net proceeds of approximately $53.8 million, or $62.0million if the underwriters exercise their over-allotment option in full,after deducting underwriting discounts and commissions and estimated offeringexpenses payable by the Company. Sinovac plans to use the net proceeds of theoffering to fund the acquisition and expansion of production facilities, theenhancement of production lines, the research and development of productcandidates, the expansion of product pipeline, and general corporate purposes(including an undetermined amount for potential acquisitions).
UBS Securities LLC and Piper Jaffray & Co. are serving as jointbookrunners for the offering.
The offering is being made under Sinovac's currently effective shelfregistration statements on Form F-3 filed with the Securities and ExchangeCommission on November 18, 2009 and January 27, 2010. This press release doesnot constitute an offer to sell, or the solicitation of an offer to buy,securities, and does not constitute an offer, solicitation or sale in anyjurisdiction in which such offer, solicitation or sale would be unlawful.Copies of the prospectus supplement and the accompanying prospectus relatingto this offering may be obtained from UBS Securities LLC, Attention:Prospectus Department, 299 Park Avenue, New York, NY 10171, U.S.A., telephone:888-827-7275, or Piper Jaffray & Co., Attention: Equity Capital Markets, 800Nicollet Mall, Suite 800, Minneapolis MN 55402, U.S.A., telephone:1-800-754-4781.
Sinovac Biotech Ltd. is a China-based biopharmaceutical company thatfocuses on the research, development, manufacture and commercialization ofvaccines that protect against infectious diseases. Sinovac's vaccine productsinclude Healive(R) (hepatitis A), Bilive(R) (combined hepatitis A and B), andAnflu(R) (influenza). Panflu(R) and Panflu.1(TM), Sinovac's pandemic influenzavaccine (H5N1) and H1N1 vaccine, have already been approved for governmentstockpiling. Sinovac is developing vaccines for a number of differentinfectious diseases including enterovirus 71, pneumococcal disease, Japaneseencephalitis, haemophilus influenzae type b (Hib), meningitis, rabies,chickenpox, mumps and rubella. Sinovac is also conducting field trials forindependently developed inactivated animal rabies vaccine.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaningof the safe harbor provisions of the Private Securities Litigation Reform Actof 1995. All statements other than statements of historical fact in thisannouncement are forward-looking statements. These forward-looking statementsinvolve known and unknown risks and uncertainties and are based on currentexpectations, assumptions, estimates and projections about the Company and theindustry in which the Company operates. The Company undertakes no obligationto update forward-looking statements to reflect subsequent occurring events orcircumstances, or to changes in its expectations, except as may be required bylaw.For further information, please contact: Helen G. Yang Sinovac Biotech Ltd. Tel: +86-10-8289-0088 x 9871 Fax: +86-10-6296-6910 Email: [email protected]
Investors: Amy Glynn/Stephanie Carrington The Ruth Group Tel: +1-646-536-7023/7017 Email: [email protected] [email protected]
Media: Janine McCargo The Ruth Group Tel: +1-646-536-7033 Email: [email protected]
SOURCE Sinovac Biotech Ltd.