Latham & Watkins Advises Sinovac in Transaction to Accelerate COVID-19 Vaccine Development

Sinovac Biotech Ltd. (Sinovac or the Company) (NASDAQ: SVA), a leading provider of biopharmaceutical products in China, have announced a transaction in which Advantech Capital and Vivo Capital have invested $15 million in Sinovac Research and Development Co., Ltd. (Sinovac R&D), a wholly owned subsidiary of Sinovac, to further the development of an inactivated vaccine against COVID-19 named CoronaVac. The two investors each loaned USD $7.5 million in the form of a convertible loan that bears interest, or, at the investor’s election, converts into 7.5% of the total equity interest of Sinovac R&D.

Latham & Watkins LLP represents Sinovac in the transaction with a corporate deal team led by Chicago partners Bradley Faris and Christopher Drewry and Hong Kong counsel Zheng Wang, with Chicago associate Joyce Li.