Full Press Release Details
Sinovac Special Committee
Engages Financial and Legal Advisors
BEIJING, April 14, 2016 -- Sinovac Biotech
Ltd. ("Sinovac" or the "Company") (NASDAQ: SVA), a leading provider of biopharmaceutical products in China,
announced that the independent special committee of the Company's Board of Directors, formed to consider "going private"
proposals received by the Company, has appointed yesterday Duff & Phelps (Duff & Phelps, LLC and Duff & Phelps Securities,
LLC) as its financial advisor to assist it in this process. The special committee has also appointed Weil, Gotshal & Manges
as its U.S. legal counsel, and Leslie-Ann Brissett Legal Services as its Antigua counsel. Latham & Watkins is serving as U.S.
legal counsel, and Delaney Law is serving as Antigua legal counsel, to the Company.
As disclosed previously, the Company's
Board of Directors formed the special committee following the receipt of a non-binding "going private" proposal, dated
January 30, 2016, from Mr. Weidong Yin, chairman, president and chief executive officer of the Company, and SAIF Partners IV L.P.
and/or its affiliates. Subsequently, the special committee received a non-binding competing "going private" proposal,
dated February 3, 2016, from a consortium comprised of PKU V-Ming (Shanghai) Investment Holdings Co., Ltd., Shandong Sinobioway
Biomedicine Co., Ltd., CICC Qianhai Development (Shenzhen) Fund Management Co., Ltd., Beijing Sinobioway Group Co., Ltd., Heng
Feng Investments (International) Limited and Fuerde Global Investment Limited. The special committee will carefully consider and
evaluate both proposals with the assistance of the special committee's financial and legal advisors.
The Company's directors caution the
Company's shareholders and others considering trading in the Company's securities that no decisions have been made
with respect to the Company's response to either proposal. There can be no assurance that any definitive offer will be made,
that any agreement will be executed or that either proposal or any other transaction will be approved or consummated. The Company
does not undertake any obligation to provide any updates with respect to these or any other transactions, except as required under
About Sinovac Biotech Ltd.
Sinovac Biotech Ltd. is a China-based biopharmaceutical
company that focuses on the research, development, manufacturing, and commercialization of vaccines that protect against human
infectious diseases. Sinovac's product portfolio includes vaccines against hepatitis A and B, seasonal influenza, H5N1 pandemic
influenza (avian flu), H1N1 influenza (swine flu), mumps and canine rabies. In 2009, Sinovac was the first company worldwide to
receive approval for its H1N1 influenza vaccine, which it has supplied to the Chinese Government's vaccination campaign and stockpiling
program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine to the government stockpiling program. Sinovac's
newly developed innovative vaccine against HFMD caused by EV71 entered the commercialization production phrase and will be launched
into the market by the end of first half of 2016. The Company is currently developing a number of new products including a Sabin-strain
inactivated polio vaccine, pneumococcal polysaccharides vaccine, pneumococcal conjugate vaccine and varicella vaccine. Sinovac
primarily sells its vaccines in China, while also exploring growth opportunities in international markets. The Company has exported
select vaccines to Mexico, Mongolia, Nepal, Tajikistan, Bangladesh, Chile and the Philippines, and was recently granted a license
to commercialize its influenza vaccine in Guatemala. For more information, please visit the Company's website at www.sinovac.com.
Sinovac Biotech Ltd.
Tel: +86-10-8279-9871
Fax: +86-10-6296-6910
Email: ir@sinovac.com
U.S.: 1-646-308-1707
Email: william.zima@icrinc.com