Antigua Court of Appeal Rules in Favor of SINOVAC, Upholds 2018 Judgment
December 09 2021 - 2:26PM
Business Wire
Current SINOVAC Directors Elected Properly at
the 2018 Annual General Meeting
The Company’s Rights Agreement is Valid under
Antigua Law
SINOVAC Biotech Ltd. (NASDAQ: SVA) ("Sinovac" or the "Company"),
a leading provider of biopharmaceutical products in China, today
provided an update for shareholders with regard to the exchange
(the “Exchange”) of preferred share purchase rights (the “Rights”)
for the Company’s Common Shares and Series B Convertible Preferred
Shares (the “Exchange Shares”), originally announced via press
release on February 22, 2019. At that time, Sinovac’s Board
determined that certain collaborating shareholders had become
acquiring persons, thereby triggering the Company’s Rights
Agreement. As a result, valid preferred share purchase rights held
by all non-collaborating shareholders were exchanged for common and
preferred shares, per the terms of the Rights Agreement.
On December 19, 2018, the High Court of Justice of Antigua and
Barbuda issued a judgment (the “2018 Judgment”) that determined the
Company’s existing directors were properly elected at the Annual
General Meeting (“AGM”) held in February 2018 and remained as
directors of the Company, and that the Company’s Rights Agreement
is valid under Antigua law.
On December 9, 2021, the Eastern Caribbean Supreme Court’s Court
of Appeal upheld the 2018 Judgment, further confirming SINOVAC’s
position that the board was properly elected, and the Rights
Agreement was triggered by a group led by 1Globe Capital, LLC,
Chiangjia Li and OrbiMed Advisors LLC. In the unanimous written
judgment, the Court of Appeal upheld the trial judge’s findings of
fact – that a group of shareholders, including 1Globe, formed a
secret plan to ambush the Company’s AGM, without the knowledge of
the Company’s directors or other shareholders. The Court also
confirmed the Company’s Rights Agreement did not contain any
inconsistencies in its Articles or Memorandum of Association, or
the Antiguan business law.
Mr. Weidong Yin, Chairman, President, and CEO of SINOVAC said,
“We are extremely pleased with today’s ruling, which ensures valid
rights holders will receive the economic value to which they are
entitled. We call on 1Globe Capital to accept the consequences of
their actions against SINOVAC and its shareholders, respect the
multiple independent findings against them and terminate their
efforts against the Company. We have not allowed this litigation to
serve as a distraction to our operations. I am proud that SINOVAC
has become the largest global supplier of COVID-19 vaccines,
supplying over 2.3 billion doses of its inactivated vaccine,
CoronaVac®, to save lives around the world, while overcoming the
challenges from this litigation. As the world continues to face new
COVID-19 variants, SINOVAC remains committed to developing and
distributing effective vaccines in China and around the world. We
remain confident that our team of scientists will continue to
evolve our vaccines to address new challenges as they emerge.”
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
COVID-19, enterovirus71 (EV71), hepatitis A and B, seasonal
influenza, 23-Valent pneumococcal polysaccharide ("PPV"), H5N1
pandemic influenza (avian flu), H1N1 influenza (swine flu),
varicella and mumps. SINOVAC's COVID-19 vaccine, CoronaVac®, has
been granted emergency use approval or conditional marketing
authorization by over 40 countries or regions worldwide. Healive®,
the hepatitis A vaccine manufactured by the Company, has passed the
assessment under WHO prequalification procedures in 2017. 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 several new products including a
Sabin-strain inactivated polio vaccine and combined vaccines.
SINOVAC primarily sells its vaccines in China, while also exploring
growth opportunities in international markets. The Company is
seeking market authorization of its products in over 30 countries
outside of China. For more information, please see the Company's
website at www.sinovac.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20211209005971/en/
Sinovac Biotech Ltd. Helen Yang Tel: +86-10-8279-9871 Fax:
+86-10-6296-6910 Yangg@sinovac.com
Media Abernathy MacGregor Sheila Ennis Tel: +1-415-745-3294
sbe@abmac.com
Investors ICR Inc. Bill Zima Tel: +1-646-308-1707
william.zima@icrinc.com
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