Bidding war for Beijing-based Sinovac Biotech continues
Shares in Beijing-based Sinovac Biotech (Nasdaq: SVA) are up 1% after morning trading in New York, following the news that Sinobioway Consortium has upped its offer to buy the firm, from $7 to $8 per share.
Sinobioway, a group of Chinese investment firms focused on healthcare, submitted verification of the financial basis for the offer two weeks ago, upon request.
The consortium is engaged in a long-running bidding war with another group of investors, led by Sinovac chief executive Weidong Yin and Indian venture capitalists SAIF Partners.
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