Shares of Sinovac Biotech Ltd. SVA, a China-based biopharmaceutical company that focuses on vaccines that protect against human infectious diseases, spiked higher by more than 18 percent at $5.94 on Monday.
Sinovac Biotech announced earlier in the day that the Board of Directors received a preliminary non-binding letter from Weidong Yin, the company's President and Chief Executive Officer, to acquire all the outstanding common shares for $6.18 in cash per share.
Sinovac Biotech added its Board of Directors has formed a special committee which consists of three independent directors to evaluate the proposal. The Board also cautioned investors that it 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."
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