Sinovac Amends Shareholder Rights Plan

Rhea-AI Summary

Sinovac Biotech Ltd. (SVA) announced an amendment to its shareholder rights plan, extending its expiration from February 22, 2023, to February 22, 2024. The company, based in China, specializes in developing and manufacturing vaccines for infectious diseases, including COVID-19, hepatitis A, and enterovirus 71. Notably, Sinovac's COVID-19 vaccine, CoronaVac®, is approved in over 60 countries. The firm is committed to ongoing research and exploration of global market opportunities to enhance its product offerings.

Positive

• The shareholder rights plan extension to February 22, 2024, can provide a stronger defense against potential hostile takeovers.

Negative

• Uncertainty surrounding the impact of the shareholder rights plan on stock price and company operations.

BEIJING--(BUSINESS WIRE)-- Sinovac Biotech Ltd. (“Sinovac” or the “Company”) (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, today announced that its board of directors has amended its shareholder rights plan. The amendment extends the expiration date of the plan from February 22, 2023 to February 22, 2024.

About SINOVAC

Sinovac Biotech Ltd. (SINOVAC) is a China-based biopharmaceutical company that focuses on the R&D, manufacturing, and commercialization of vaccines that protect against human infectious diseases.

SINOVAC’s product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected hand-foot-mouth disease (HFMD), hepatitis A, varicella, influenza, poliomyelitis, pneumococcal disease, mumps, etc.

The COVID-19 vaccine, CoronaVac®, has been approved for use in more than 60 countries and regions worldwide. The hepatitis A vaccine, Healive®, passed WHO prequalification requirements in 2017. The EV71 vaccine, Inlive®, is an innovative vaccine under "Category 1 Preventative Biological Products" and commercialized in China in 2016. In 2022, SINOVAC’s Sabin-strain inactivated polio vaccine (sIPV) and varicella vaccine were prequalified by the WHO.

SINOVAC was the first company to be granted approval for its H1N1 influenza vaccine Panflu.1®, which has supplied the Chinese government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine, Panflu®, to the Chinese government stockpiling program.

SINOVAC continually dedicates itself to new vaccine R&D, with more combination vaccine products in its pipeline, and constantly explores global market opportunities. SINOVAC plans to conduct more extensive and in-depth trade and cooperation with additional countries, and business and industry organizations.

For more information, please visit 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230222005433/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

Source: Sinovac Biotech Ltd.

FAQ

What is the new expiration date for Sinovac's shareholder rights plan?

The new expiration date is February 22, 2024.

What is Sinovac Biotech's primary business focus?

Sinovac Biotech focuses on the R&D, manufacturing, and commercialization of vaccines.

Is Sinovac's COVID-19 vaccine approved globally?

Yes, Sinovac's COVID-19 vaccine, CoronaVac®, has been approved for use in over 60 countries.

What significant product approvals has Sinovac achieved?

Sinovac's hepatitis A vaccine has WHO prequalification, and its EV71 vaccine is also commercialized in China.