BEIJING -- Sinovac Biotech Ltd. (NASDAQ:SVA) (“SINOVAC” or the “Company”), a leading provider of biopharmaceutical products in China, announced that the Judicial Committee of the Privy Council in London, England, has ruled that the slate of nominees proposed by a group of shareholders at the 2018 Annual General Meeting was the rightfully elected Board of SINOVAC. The Privy Council also ruled that the Company’s Rights Agreement is invalid. The ruling will take effect after entry of a court order expected within a week.

SINOVAC’s outgoing Board members are committed to ensuring a smooth transition with the new Board members and to preserving SINOVAC’s significant value for the benefit of all shareholders.

Since the 2018 Annual General Meeting, the Company has a strong track-record of creating tremendous value for all shareholders, having implemented several innovative, life-saving, and value-creating initiatives, including SINOVAC’s leading role in combating the global COVID-19 pandemic delivering 2.9 billion doses or 22% of total global vaccination in the pandemic period.