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Sinovac Raises $86.7 Million, Scraps Privatization

publication date: Jul 5, 2018

Sinovac Biotech, a Beijing vaccine maker, completed an $86.7 million private placement from two China-focused healthcare investors, Vivo Capital and Advantech Capital. For two years, Sinovac has been struggling to complete a management-led privatization, but one of its own subsidiaries, Shandong Sinobioway, led an opposition group, which consistently outbid management's offers. Until now, neither side has backed down, but Sinovac admitted its privatization "might not prevail," which led to the PIPE (private investment in a public entity) alternative. More details....

Stock Symbols: (NSDQ: SVA) (SHA: 002581)

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