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Week In Review: Sinovac's Privatization Offer Draws $459 Million Outside Bid

Shandong Sinobioway Biomedicine (SZE: 002581) topped management's $402 million bid to privatize China vaccine maker Sinovac (NSDQ: SVA) with a $459 million offer of its own (see story). Sinobioway also criticized Sinovac's board for its lack of transparency. Eighteen months ago, when the Sinovac privatization saga started, Sinobioway offered $7 per share for Sinovac, improving on management's earlier $6.18 offer. Sinovac's board responded by instituting a poison pill and going silent on the proceedings. This week, Sinovac announced it had accepted management's newly raised $7 bid -- a bid that had never been publicly announced. Now, Sinobioway is offering $8 per share or $459 million. Sinovac is a Beijing vaccine company with legacy vaccines for hepatitis A and B.

Hong Kong's AGIC Capital will acquire Ritedose Corporation of South Carolina for somewhere between $600 million and $800 million, according to media reports (see story). Ritedose offers blow-fill-seal services for liquid pharmaceuticals along with formulation services. China pharmaceutical company Humanwell Health will take a minority position in Ritedose. AGIC Capital, a $1 billion fund co-founded in 2015 by well-known banker Henry Cai, said it will help Ritedose expand to China and Asian markets.

Last week, Guangzhou broke ground on a major new $800 million biopharma park (see story). General Electric (NYSE: GE) is partnering with the Guangzhou Development District in the southern China city to build the park, whose first stage will comprise at least 350,000 square meters. GE supplies prefabricated...


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