Sinovac Biotech Ltd. (NASDAQ: SVA) has completed the acquisition of buildings and land use rights by its subsidiary, Sinovac Beijing. The total price for the acquisition is around $17.6 million, which will be financed from working capital. The initial payment of $8.3 million will be paid prior to February 20, 2010 and the balance of the purchase price will be paid in 3 installments in the next 3 years.
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Sinovac Biotech Ltd. is a China-based biopharmaceutical company that focuses on the research, development, manufacture and commercialization of vaccines that protect against infectious diseases.
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