Best Positioned to Broaden Offerings in the Pharmaceutical Value Chain
HONG KONG, Oct., 30 /Xinhua-PRNewswire/ -- ShangPharma Corporation ("ShangPharma" or the "Group"), a leading China-based pharmaceutical and biotechnology research and development outsourcing company, today announced that leading global private investment firm TPG, through its TPG Growth Fund and TPG Biotech Fund (collectively known as "TPG"), has invested over US$30 million into the Group.
Headquartered in Shanghai, ShangPharma, through its subsidiaries (in particular Shanghai ChemPartner ("ChemPartner") and Shanghai ChemExplorer ("ChemExplorer"), is a leading contract research provider in China of services in lead generation, lead optimization, synthetic chemistry, library design and production, process research, and pharmaceutical development with focuses on pre-formulation development and analytical service. Its customers are mostly international pharmaceutical, biotech, agrochemical and chemical companies, which include many of the top 10 pharmaceutical and biotechnology companies in the world. The Group is also a key outsourcing partner to the world's largest innovation-driven pharmaceutical corporation.
Mr. Sing Wang, Partner and Managing Director of the TPG Growth Fund, and Mr. Geoff Duyk, M.D., D. Phil., Partner and Managing Director of the TPG Biotech Fund, joined ShangPharma's board of directors.
"We are delighted to have TPG as our cornerstone investor," said Mr. Michael Hui, CEO of ShangPharma. "Backed by TPG's financial strength and industry expertise in the global biotechnology sector, this strategic alliance will be instrumental for the Group's business expansion beyond chemistry outsourcing and in providing more integrated drug discovery and early development services. "
"With our base in Shanghai, home to one of the largest pools of
professional talent and biotechnology expertise, we benefit from the cost
and resource advantages that China's p
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