Sinovac Announces Receipt of a Preliminary Non-Binding Proposal to Acquire the Company and Formation of Independent Special Committee

BEIJINGFeb. 1, 2016 /PRNewswire/ -- Sinovac Biotech Ltd. ("Sinovac" or the "Company") (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, today announced that its board of directors (the "Board") has received a preliminary non-binding proposal letter, dated January 30, 2016, from Mr. Weidong Yin, chairman, president and chief executive officer of the Company, SAIF Partners IV L.P. and/or its affiliates, to acquire all of the outstanding common shares of the Company not owned by them or their affiliates for $6.18 in cash per common share. A copy of the proposal letter is attached hereto as Exhibit A.

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The Board has formed a special committee consisting of three independent directors (the "Special Committee"), Mr. Simon Anderson, Mr. Yuk Lam Lo and Mr. Meng Mei, to consider the proposal. Mr. Simon Anderson is appointed as the chairman of the Special Committee. The Company expects that the Special Committee will retain independent advisors, including independent financial and legal advisors, to assist it in this process.

The Board cautions the Company's shareholders and others considering trading the Company's securities that the Board has just received the proposal letter and has not had an opportunity to carefully review and evaluate the proposal or make any decision with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the proposed transaction or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

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