BRIEF—China's Sinovac raises $87 million and aborts plan to go private

Beijing-based Sinovac Biotech has completed a placement of its common shares with private investors Vivo Capital and Advantech Capital, raising $86.73 million.

The firm says the money will be used to improve quality control and to build additional production facilities to support the development and commercialization of an sIPV-based combination vaccine and other new vaccine projects.

In addition, the firm’s board has decided to terminate a prior arrangement to take the company private.