Sinovac Clarifies Position on Restructuring Involving Its Chinese Subsidiary
Wednesday January 31, 8:30 am ET
BEIJING, Jan. 31 /PRNewswire-FirstCall/ -- Sinovac Biotech Ltd. (Amex: SVA
the "Company") noted today that China Bioway Biotech Group Co., Ltd. ("China Bioway"), a 28.44% minority shareholder in its 71.56% PRC subsidiary, Sinovac Biotech Co., Ltd. ("Sinovac China"), has recently received approvals from the PRC Ministry of Education and the PRC Ministry of Commerce to restructure China Bioway's equity interest in Sinovac China. The proposed restructuring contemplates China Bioway transferring its equity interest to an offshore company and eventually exchanging this equity interest for shares in the Company.
In response to investors' inquiries concerning the restructuring, the Company confirmed today that it had explored with China Bioway the possibility of the Company's acquisition of China Bioway's minority interest in Sinovac China. However, the Company has not commenced any formal negotiation or entered into any definitive agreement with China Bioway. Sinovac will comply with all applicable laws, rules and regulations (including U.S. securities laws and AMEX rules) and will obtain all necessary approvals (including any necessary shareholders' approval) in connection with any such acquisition, if it were to materialize.
Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacture and commercialization of vaccines that protect against human infectious diseases. Sinovac's vaccines include Healive(TM) (hepatitis A), Bilive(TM) (combined hepatitis A and B) and Anflu(TM) (influenza). Sinovac is currently developing human vaccines against the H5N1 strain of pandemic influenza, Japanese encephalitis and SARS. Additional information about Sinovac is available on its website, http://www.sinovac.com
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Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about Sinovac's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward- looking statement. Sinovac does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Helen G. Yang
Sinovac Biotech Ltd.
Phone: 10-82890088 Ext. 871
Stephanie Carrington/Janine McCargo
The Ruth Group
Sinovac Biotech Ltd. (SINOVAC) is a China-based biopharmaceutical company that focuses on the R&D, manufacturing, and commercialization of biomedical products that protect against human diseases.
SINOVAC's product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected hand-foot-mouth disease (HFMD), hepatitis A, varicella, influenza, poliomyelitis, pneumococcal disease, mumps, etc.
The COVID-19 vaccine, CoronaVac®, has been approved for use in more than 60 countries and regions worldwide. The hepatitis A vaccine, Healive®, passed WHO prequalification requirements in 2017. The EV71 vaccine, Inlive®, is an innovative vaccine under "Category 1 Preventative Biological Products" and commercialized in China in 2016. In 2022, SINOVAC's Sabin-strain inactivated polio vaccine (sIPV) and varicella vaccine were prequalified by the WHO.
SINOVAC was the first company to be granted approval for its H1N1 influenza vaccine Panflu.1®, which has supplied the Chinese government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine, Panflu®, to the Chinese government stockpiling program.
SINOVAC continually dedicates itself to pipeline development including but not limited to new technology, new vaccines as well as other biomedical products. We will constantly explore global opportunities of strategic expansion.
For more information, please visit the Company’s website at www.sinovac.com.
Sinovac Biotech Ltd.