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Sinovac Announces Closing of Common Share Offering

BEIJING, Feb. 2 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. ( SVA) ("Sinovac" or the "Company"), a leading China-based vaccine manufacturer, announced today that its previously announced public common share offering was closed on February 2, 2010. Sinovac received net proceeds of approximately $62.0 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company, which included net proceeds from the sale of 1,500,000 common shares pursuant to the full exercise of the underwriters' over-allotment option.

UBS Securities LLC and Piper Jaffray & Co. served as joint bookrunners for the offering.

The offering was 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:

    Sinovac Biotech Ltd.
     Helen G. Yang
     Tel:   +86-10-8289-0088 x9871
     Fax:   +86-10-6296-6910

    The Ruth Group
     Amy Glynn/Stephanie Carrington
     Tel:   +1-646-536-7023/7017

    The Ruth Group
     Janine McCargo
     Tel:   +1-646-536-7033

SOURCE Sinovac Biotech Ltd.

SOURCE Sinovac Biotech Ltd.
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