BEIJING, March 15, 2018 /PRNewswire/ -- Sinovac Biotech
Ltd. ("Sinovac" or the "Company") (NASDAQ: SVA), a leading provider
of biopharmaceutical products in China, today responded to public statements
made by other parties falsely claiming to control the Company,
including a press release falsely purporting to come from Sinovac
itself. These statements have misrepresented the outcome of the
Company's recent annual general meeting (AGM) and the composition
of the Sinovac board and have attempted to confuse and undermine
the Company's legitimate leadership.
The Company emphasized that third parties, including the
dissident shareholders who sought to disrupt the election of
directors at the AGM do not have the authority to determine
or announce the results of Sinovac's AGM, comment on the Company's
governance or speak on behalf of the Company.
As Sinovac has previously stated, all five of the Company's
incumbent directors - Weidong Yin,
Yuk Lam Lo, Simon Anderson, Kenneth
Lee and Meng Mei - were properly re-elected at the AGM
by a majority of the votes validly cast. The Board takes seriously
its duty to protect the value of the Company for all shareholders,
and has taken actions to ensure the continued stable operation of
the business, including the appointment by Sinovac Biotech
(Hong Kong) Limited, a wholly
owned subsidiary of the Company, of Mr. Dawei Mao as a director of Sinovac Biotech Co.,
Ltd. ("Sinovac Beijing"), the Company's main operating subsidiary.
Mr. Mao has replaced Ms. Xiaomin
Yang, the President of Sinobioway Group Co., Ltd., as a
director of Sinovac Beijing in accordance with applicable law and
procedures. Additionally, the Board noted that Mr. Weidong Yin continues to serve as the Chairman,
CEO and President of Sinovac.
Sinovac will take all necessary action to protect the Company
from disruption of any kind by unauthorized third parties.
About Sinovac
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
enterovirus71, or EV71, hepatitis A and B, seasonal influenza, H5N1
pandemic influenza (avian flu), H1N1 influenza (swine flu), and
mumps. The EV71 vaccine, an innovative vaccine developed by Sinovac
against hand foot and mouth disease caused by EV71, was
commercialized in China in 2016.
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. The
Company is 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 over 10 countries in Asia and South America. For more
information, please visit the Company's website at
www.sinovac.com.
Safe Harbor Statement
This announcement may include certain statements that are not
descriptions of historical facts, but are 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
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. In particular, the outcome
of any litigation is uncertain, and the Company cannot predict the
potential results of the litigation it filed or that could be filed
against it by others. Additionally, the triggering of a shareholder
rights plan is nearly unprecedented, and the Company cannot predict
the impact on the Company or its stock price should its rights plan
have been triggered.
Contacts
Sinovac Biotech Ltd.
Helen
Yang
Tel: +86-10-8279-9871
Fax: +86-10-6296-6910
ir@sinovac.com
Media:
Foote Group
Philip Lisio +86
135-0116-6560
phil@thefootegroup.com
Abernathy MacGregor
Jeremy Jacobs, +1-212-371-5999
jrj@abmac.com
Ina McGuinness +1-213-630-6550
Ina@abmac.com
Investors:
ICR Inc.
Bill Zima U.S:
1-646-308-1707
Email: william.zima@icrinc.com
MacKenzie Partners, Inc.
Paul
Schulman, +1-212-929-5364
pschulman@mackenziepartners.com
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SOURCE Sinovac Biotech Ltd.