Sinovac Life Sciences Co., Ltd. (Sinovac), a subsidiary of Sinovac, has secured $500 million in funding for further development, capacity expansion, and manufacturing of their COVID-19 vaccine known as CoronaVac. The investor is called Sino Biopharmaceutical Limited, a leading innovative research and development drive pharmaceutical company in China. This $500 million purchased approximately 15% of the total equity interest of Sinovac LC. American investment bank firm Houlihan Lokey served as financial advisor while Han Kun Law Offices and Latham & Watkins LLP served as legal advisors in connection with this transaction.
Investors Convert Convertible Loans
Prior to the investment announcement today, each of Advantech Capital and Vivo Capital exercised its right to convert its convertible loan previously announced by the company on May 22, 2020 into 7.5% of the total equity interests of Sinovac LS, which after the investment now represents an approximately 6.3% stake in Sinovac LS.
Clinical Trials Updates
Phase 3 clinical trials for CoronaVac have been approved in Brazil, Indonesia, Turkey and Chile. In China, the Phase I/2 trials were conducted with results showing...
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