Sinovac Announces Exercise of Over-Allotment Option

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: [email protected]

    Investors:
     Amy Glynn/Stephanie Carrington
     The Ruth Group
     Tel:   +1-646-536-7023/7017
     Email: [email protected]
            [email protected]

    Media:
     Janine McCargo
     The Ruth Group
     Tel:   +1-646-536-7033
     Email: [email protected]

SOURCE Sinovac Biotech Ltd.