Published on January 28, 2010 at 3:04 AM
Sinovac Biotech Ltd. ( SVA)
("Sinovac" or the "Company"), a leading China-based vaccine manufacturer,
announced today that it has priced its public offering of 10,000,000 common
shares at $5.75 per common share. Sinovac has granted the underwriters a
30-day over-allotment option to purchase up to an additional 1,500,000 common
shares on the same terms and conditions. This reflects an increase in the
size of the offering from the previously announced offering of 8,650,000
common shares, plus underwriters' over-allotment option to purchase 1,297,500
common shares. The closing of the offering is subject to customary closing
conditions and the common shares are expected to be delivered on February 2,
2010.
Sinovac will receive net proceeds of approximately $53.8 million, or $62.0
million if the underwriters exercise their over-allotment option in full,
after deducting underwriting discounts and commissions and estimated offering
expenses payable by the Company. Sinovac plans to use the net proceeds of the
offering to fund the acquisition and expansion of production facilities, the
enhancement of production lines, the research and development of product
candidates, the expansion of product pipeline, and general corporate purposes
(including an undetermined amount for potential acquisitions).
SOURCE Sinovac Biotech Ltd.