SINOVAC Beijing Settled Litigation of Its Business License and Seals
December 03 2021 - 11:20AM
Business Wire
SINOVAC Biotech Ltd. (NASDAQ: SVA) (“SINOVAC” or the “Company”),
a leading provider of biopharmaceutical products in China,
announced the Company’s subsidiary SINOVAC Biotech Co., Ltd
(“SINOVAC Beijing”) settled the litigation with Mr. Aihua Pan
concerning its business license and seals.
As disclosed previously, Mr. Aihua Pan made the false claim to
certain government agencies that SINOVAC Beijing’s business
license, official corporate seal, financial seal, contract seal and
invoice seal had been lost. Mr. Pan subsequently obtained a
re-issued business license of SINOVAC Beijing based on the false
claim. Mr. Pan further obtained SINOVAC Beijing’s corporate seal
(No.: 1101081347485), contract seal and invoice seal (collectively,
the “Seals”) by using the re-issued business license. In December
2018, the People’s Court in Haidian District, Beijing (the “Court”)
issued an interim injunction order restraining Mr. Aihua Pan from
using or authorizing others to use the re-issued business license
and the Seals of SINOVAC Biotech that were improperly obtained by
him. On November 30, 2021, SINOVAC settled the litigation with Mr.
Aihua Pan in the Court. With the settlement, Mr. Pan has returned
the business license and the Seals to SINOVAC Beijing, and SINOVAC
Beijing has withdrawn its claims with the Court.
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, mumps and Poliomyelitis. SINOVAC’s COVID-19 vaccine,
CoronaVac®, has been granted emergency use approval or conditional
marketing authorization by over 50 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. In 2021, SINOVAC’s Sabin-strain
inactivated polio vaccine has approved for registration. The
Company is developing several new products including 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.
Safe Harbor Statement
This press release 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 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 as a result of the trigger of the
rights plan.
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version on businesswire.com: https://www.businesswire.com/news/home/20211203005409/en/
SINOVAC Biotech Ltd. Helen Yang Tel: +86-10-8279-9871 or
+86-10-5693-1897 Fax: +86-10-6296-6910 Email: ir@sinovac.com
ICR Inc. Bill Zima U.S.: 1-646-308-1707 Email:
william.zima@icrinc.com
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