BEIJING–(BUSINESS WIRE)–Senior management of Sinovac Biotech Ltd. (NASDAQ: SVA) (“Sinovac” or
the “Company”) and the lawful directors of Sinovac Hong Kong have
commenced legal proceedings in the High Court of the Hong Kong Special
Administrative Region to nullify and remove forged documents that were
illegally filed with the Hong Kong Companies Registry in respect of Sinovac
Biotech (Hong Kong) Limited (“Sinovac HK”) and with the Industry and
Commerce Bureau of Beijing in respect of Sinovac Biotech Co., Ltd.
(“Sinovac Beijing”). In addition, in the High Court of Justice in
Antigua and Barbuda, the Company has petitioned for 1Globe Capital LLC
(“1Globe”) to be restrained from making any attempt to take control of
the company or in any other way undermine the court’s authority in the
existing litigation between 1Globe and the Company.
As described in a previous press release http://www.sinovacbio.com/?optionid=754&auto_id=874,
Sinovac Biotech Ltd. became aware Monday October 8, 2018 that
unauthorized changes have been made to the Hong Kong Companies Registry
for Sinovac Biotech (Hong Kong) Limited (“Sinovac HK”) and that
unauthorized changes have been made to the Industry and Commerce Bureau
of Beijing for Sinovac Biotech Co., Ltd. (“Sinovac Beijing”).
The Board of Directors and management of publicly traded Sinovac Biotech
Ltd., which remain unchanged by the actions of Sinobioway and the
Dissident Shareholders, are closely monitoring these unauthorized
actions purportedly taken at Sinovac HK and Sinovac Beijing and continue
to comply with their fiduciary duties to act in the best interests of
the Company and all shareholders as the Company moves forward in its
mission to develop vaccines that enhance health in China and around the
world and create shareholder value. Furthermore, the Board of Directors
and management of Sinovac are vigorously protecting the rights of all
shareholders in all applicable courts.
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.
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 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 refer to the Company’s
website at www.sinovacbio.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.
Sinovac Biotech Ltd.