Navigation Links
ShangPharma Announces Receipt of "Going Private" Proposal at $8.50 to $9.50 Per ADS
Date:7/6/2012

SHANGHAI, July 6, 2012 /PRNewswire-Asia/ -- ShangPharma Corporation (NYSE: SHP) ("ShangPharma" or the "Company"), a leading China-based pharmaceutical and biotechnology research and development outsourcing company, today announced that its Board of Directors has received a non-binding proposal letter dated July 6, 2012 from its Chairman and Chief Executive Officer, Mr. Michael Xin Hui, and entities affiliated with him (collectively, "Founder"), and TPG Star Charisma Limited and its affiliates (collectively, "TPG") to acquire all of the outstanding shares of ShangPharma not currently owned by Founder or TPG in a going private transaction for between $8.50 and $9.50 per American Depositary Share ("ADS", each ADS representing 18 ordinary shares of the Company) in cash, subject to certain conditions.

Founder and TPG currently own approximately 54% and 11% of ShangPharma's ordinary shares, respectively. According to the proposal letter, the acquisition is intended to be financed through a combination of debt and equity capital, with definitive commitments for the required debt and equity funding expected to be in place, subject to the terms and conditions set forth therein, when the definitive agreements with respect to the acquisition and related transactions are signed. ShangPharma's Board of Directors has formed a special committee of independent directors (the "Independent Committee") consisting of three independent directors, Mr. Julian Ralph Worley, Mr. Yuk Lam Lo and Mr. Benson Tsang, to consider this proposal. The Independent Committee will retain a financial advisor and legal counsel to assist it in its work. The Board of Directors cautions the Company's shareholders and others considering trading in its securities that the Board just received the non-binding proposal from Founder and TPG and no decisions have been made by the Independent Committee with respect to ShangPharma's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.

ABOUT SHANGPHARMA CORPORATION

ShangPharma Corporation (NYSE: SHP) is a leading China-based contract research organization providing high-quality and cost-effective services for the pharmaceutical and biotechnology industry. It offers a broad range of high-quality, integrated services across the drug discovery and development process to help international and Chinese pharmaceutical and biotechnology companies discover and develop novel drug candidates efficiently. ShangPharma's services consist of discovery chemistry, discovery biology and preclinical development, pharmaceutical development and biologics services. For more information, please visit www.shangpharma.com.

Safe Harbor: Forward-Looking Statements

Certain statements contained in this announcement may be viewed as "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. The Company undertakes no ongoing obligation, other than that imposed by law, to update these statements.

For further information, please contact: ShangPharma Corporation William Dai Chief Financial Officer E-mail: IR@shangpharma.com Brunswick Group Josh Gartner E-mail: shangpharma@brunswickgroup.com Phone: 86-10-5960-8600


'/>"/>
SOURCE ShangPharma Corporation
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. ShangPharma Corporation Files 2011 Annual Report on Form 20-F
2. ShangPharma to Report First Quarter 2012 Financial Results on May 17, 2012
3. ShangPharma Announces First Quarter 2012 Results
4. Precision Optics Corporation Announces $1 Million Order for Microprecision™ Based Endoscopes
5. Young Innovations, Inc. Announces Record Sales and EPS for the Quarter Ended March 31, 2012
6. JDRF Announces Research Collaboration with Dexcom, Inc. to Develop "Smart Transmitter" Technology to Accelerate Artificial Pancreas Studies
7. Misonix Announces New Distribution Agreement For Panama
8. University of Maryland BioPark Announces MedImmunes Dr. Bahija Jallal as Newest Member of Board of Directors for UM Health Sciences Research Park
9. Novelos Therapeutics Announces Successful Completion of First Cohort In Lung Cancer Trial With I-124-CLR1404 (LIGHT) Cancer-Targeted PET Imaging Agent at UW Carbone Cancer Center
10. Boston Scientific Announces CE Mark and European Launch of Emerge™ PTCA Dilatation Catheter
11. Soligenix Announces Further Progress with ThermoVax™ for Long-Term Vaccine ThermoStability
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/23/2017)... Visiomed, the French leader in medical ... changing the landscape of healthcare with their innovative ... custom-made solutions. Recognizing the rising demand of self-monitoring ... without walls, Visiomed has launched BewellConnect, the most ... professionals that is empowering the lives of patients. ...
(Date:2/23/2017)... MINNEAPOLIS , Feb. 23, 2017  Cogentix Medical, ... manufactures and markets innovative proprietary products for the urology ... and fiscal year ended December 31, 2016 before the ... The Company will host a conference call and ... on Thursday, March 9, 2017 at 11:00 a.m. Eastern ...
(Date:2/23/2017)... Im Rahmen seiner Schlüsselwachstumsstrategie arbeitet die Guian ... Provinz Guizhou, 2017 mit dem Angebot von Anreize schaffenden Strategien ... einer eingebetteten Hightech-Schlüsselindustrie. Foto - http://mma.prnewswire.com/media/471342/First_CRH__CHina_Railway_High_Speed__Train_Enters_Guian.jpg ... ... ...
Breaking Medicine Technology:
(Date:2/24/2017)... CA (PRWEB) , ... February 24, 2017 , ... With ... Final Cut Pro X . Users have total control over position, rotation, distortion, edge ... more all within Final Cut Pro X. , With ProGlass Prism users are given ...
(Date:2/24/2017)... ... February 24, 2017 , ... The Radiology Business Management Association ... marketing programs at the annual Building Better Radiology Marketing Programs conference, held ... in Fort Worth, Texas. Nine awards are given out in five categories. They are:, ...
(Date:2/23/2017)... (PRWEB) , ... February 23, 2017 , ... ... Department of Justice jointly issued a letter to withdraw previous guidance ... with their gender identity. The guidance issued in May 2016 by the Obama ...
(Date:2/23/2017)... (PRWEB) , ... February 23, 2017 , ... Los Angeles-based ... episodes of WE TV’s “Mama June: From Not to Hot,” which will begin airing ... “Mama” June Shannon, known to millions from the 2012 reality television series, “Here Comes ...
(Date:2/23/2017)... ... ... Dr. David Mahon leads Siena Dental, a comprehensive dental practice located at ... Top Patient Rated Henderson Dentist by Find Local Doctors earlier this year. ... dentists who have earned high ratings and superior patient reviews from multiple credible sources. ...
Breaking Medicine News(10 mins):