US law firm O’Melveny & Myers represented UBS Securities and Piper Jaffray as joint book-running managers in the US$66 million follow-on public offering of NASDAQ-listed Sinovac Biotech in February. Sinovac received net proceeds of approximately US$62 million from the sale of 11.5 million common shares at US$5.75 per share, including 1.5 million common shares sold when the underwriters exercised their over-allotment option in full.
Sinovac, which is headquartered in Beijing, manufactures vaccines against infectious diseases including hepatitis A, hepatitis B and influenza. The company reportedly profited from the global H1N1 swine flu scare in 2009, with the Beijing municipal government being among the customers for its Panflu and Anflu vaccines.
