Sinovac Completes Acquisition Aimed at Expanding Production Capacity
15 2월 2010 - 10:00PM
PR Newswire (US)
BEIJING, Feb. 15 /PRNewswire-Asia/ -- Sinovac Biotech Ltd.
(NASDAQ:SVA), a leading China-based vaccine manufacturer, today
announced the completion by its subsidiary, Sinovac Beijing, of the
acquisition of buildings and land use rights. The total
consideration for the purchase is approximately RMB120 million
($17.6 million), which will be financed from working capital. The
initial payment of RMB56.5 million ($8.3 million) will be paid
before February 20, 2010 and the balance of the purchase price will
be paid in three installments within three years. Sinovac Beijing
is acquiring five existing buildings with a total built- out area
of 32,322.66 square meters on 29,021.61 square meters of land,
located in Changping District, Beijing, about half hour driving
away from our headquarter. The site was previously used to
manufacture medicinal products. Sinovac plans to set up two new
production lines with a combined annual production capacity of
approximately 40 million doses, a filling and packaging line, a
warehouse and an animal house. At the site, the Company will
manufacture the enterovirus 71 (EV71) vaccine, which causes hand,
foot, and mouth disease (HFMD), and its other currently marketed
flu vaccines. Mr. Weidong Yin, Chairman, President and CEO of
Sinovac, commented, "We are pleased to complete the acquisition of
this previously announced transaction, which supports our growth
strategy. The Changping site will enable us to expand our
production capacity, as the site will house two state- of-the-art
production lines and other necessary supporting functions. We
anticipate that it will take approximately two to three years for
the lines to be set up and production of our commercialized flu
vaccines to commence. These facilities will also support our growth
objectives though the introduction of novel products by housing the
production lines for our EV71 vaccine, which is currently being
studied under the first clinical trial application for an HFMD
vaccine submitted in China. If approved, it will be the first
vaccine or antiviral treatment available for HFMD worldwide." 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 more
information, please contact: Sinovac Biotech Ltd. Helen G. Yang
Tel: +86-10-8289-0088 x9871 Fax: +86-10-6296-6910 Email: Investors
The Ruth Group Amy Glynn/Stephanie Carrington Tel:
+1-646-536-7023/7017 Email: Media The Ruth Group Janine McCargo
Tel: +1-646-536-7033 Email: DATASOURCE: Sinovac Biotech Ltd.
CONTACT: Helen G. Yang, +86-10-8289-0088 x9871, +86-10-6296-6910
(fax), , of Sinovac Biotech Ltd.; Investors - Amy Glynn and
Stephanie Carrington, +1-646-536-7023 or +1-646-536-7017, or , both
of the Ruth Group; Media: Janine McCargo, +1-646-536-7033, , of the
Ruth Group
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