Sinovac Announces Exercise of Over-Allotment Option
02 February 2010 - 12:55AM
PR Newswire (US)
BEIJING, Feb. 1 /PRNewswire-Asia/ -- Sinovac Biotech Ltd.
(NASDAQ:SVA) ("Sinovac" or the "Company"), a leading China-based
vaccine manufacturer, announced today that the underwriters of its
previously announced public common share offering have exercised in
full their option to purchase an additional 1,500,000 common shares
to cover over-allotments in the offering. As a result, Sinovac will
issue and sell a total of 11,500,000 common shares at $5.75 per
common share in this offering, including the 1,500,000 common
shares pursuant to the exercise of the over-allotment option.
Sinovac expects issuance and delivery of all 11,500,000 common
shares to occur on February 2, 2010, subject to customary closing
conditions. Sinovac will receive net proceeds of approximately
$62.0 million, after deducting underwriting discounts and
commissions and estimated offering expenses payable by the Company.
UBS Securities LLC and Piper Jaffray & Co. are serving as joint
bookrunners for the offering. The offering is being made under
Sinovac's currently effective shelf registration statements on Form
F-3 filed with the Securities and Exchange Commission on November
18, 2009 and January 27, 2010. This press release does not
constitute an offer to sell, or the solicitation of an offer to
buy, securities, and does not constitute an offer, solicitation or
sale in any jurisdiction in which such offer, solicitation or sale
would be unlawful. Copies of the prospectus supplement and the
accompanying prospectus relating to 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, 800
Nicollet Mall, Suite 800, Minneapolis MN 55402, U.S.A., telephone:
1-800-754-4781. About Sinovac Sinovac Biotech Ltd. is a China-based
biopharmaceutical company that focuses on the research,
development, manufacture and commercialization of vaccines that
protect against infectious diseases. Sinovac's vaccine products
include Healive(R) (hepatitis A), Bilive(R) (combined hepatitis A
and B), and Anflu(R) (influenza). Panflu(R) and Panflu.1(TM),
Sinovac's pandemic influenza vaccine (H5N1) and H1N1 vaccine, have
already been approved for government stockpiling. Sinovac is
developing vaccines for a number of different infectious diseases
including enterovirus 71, pneumococcal disease, Japanese
encephalitis, haemophilus influenzae type b (Hib), meningitis,
rabies, chickenpox, mumps and rubella. Sinovac is also conducting
field trials for independently developed inactivated animal rabies
vaccine. Safe Harbor Statement This announcement contains
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact in this
announcement are forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations, assumptions, estimates and
projections about the Company and the industry in which the Company
operates. The Company undertakes no obligation to update
forward-looking statements to reflect subsequent occurring events
or circumstances, or to changes in its expectations, except as may
be required by law. For further information, please contact: Helen
G. Yang Sinovac Biotech Ltd. Tel: +86-10-8289-0088 x 9871 Fax:
+86-10-6296-6910 Email: Investors: Amy Glynn/Stephanie Carrington
The Ruth Group Tel: +1-646-536-7023/7017 Email: Media: Janine
McCargo The Ruth Group Tel: +1-646-536-7033 Email: DATASOURCE:
Sinovac Biotech Ltd. CONTACT: Helen G. Yang, +86-10-8289-0088
x9871, +86-10-6296-6910 (fax), , of Sinovac Biotech Ltd.;
Investors: Amy Glynn/Stephanie Carrington, +1-646-536-7023/7017, or
, both of the Ruth Group; Media: Janine McCargo, +1-646-536-7033, ,
of the Ruth Group
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