Navigation Links
ShangPharma Announces Up to $10 Million Share Repurchase Program
Date:8/12/2011

SHANGHAI, Aug. 12, 2011 /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 approved a share repurchase program.  The company expects to use cash and internally generated funds to pay for the ADSs that may be repurchased.

The board has authorized ShangPharma to buy up to $10 million of its American Depositary Shares ("ADSs") in the open market within two years from August 24, 2011, when ShangPharma's trading window for insiders re-opens, subject to market conditions and other factors. The repurchases will be made from time to time in open-market transactions on the NYSE at prevailing market prices, in negotiated transactions off the market, in block trades or otherwise pursuant to Rule 10b5-1 and/or Rule 10b-18 plans.  The number of shares to be repurchased and the timing of repurchases, if any, will depend on a variety of factors, including, but not limited to, share price, economic and market conditions, and corporate and regulatory requirements. The repurchase program does not obligate ShangPharma to make repurchases at any specific time or situation. ShangPharma's Board will periodically review the share repurchase program and may authorize adjustments to the program's terms and size. The Board may also suspend or discontinue the repurchase program at any time.

In addition, Michael Xin Hui, ShangPharma's founder and Chief Executive Officer, intends to purchase up to $1 million of ADSs through a personal, family-owned company during the periods when he is legally permitted to purchase ShangPharma's ADSs.

Mr. Hui commented, "Given our confidence in the solid growth outlook of our company, strong operating cash flows, and our proven ability to create long-term value for our shareholders, our Board of Directors has implemented this share repurchase program. We will prudently deploy our cash in the best interest of our shareholders to enhance shareholder value."

As of July 31, 2011, ShangPharma had 336 million ordinary shares outstanding, represented by 18.7 million ADSs. Each ADS represents 18 ordinary shares.About ShangPharma Corporation  ShangPharma Corporation 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. For further information, please contact:ShangPharma CorporationIn Shanghai, ChinaMs. Lan XieVP of Finance and Investor RelationsEmail: IR@shangpharma.comChristensenIn New York:Kimberly MinarovichTel: +1 917-533-3268Email: kminarovich@christensenir.comIn Hong Kong:Tip Fleming Tel: +852-9212-0684Email: tfleming@christensenir.com
'/>"/>

SOURCE ShangPharma Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. ShangPharmas Biologics Division Announces Accelerated Achievement of Milestones for Two Multi-Stage Projects
2. ShangPharma Corporation to Announce First Quarter 2011 Financial Results on May 19, 2011
3. ShangPharma Corporation Files 2010 Annual Report on Form 20-F
4. ShangPharma Announces Fourth Quarter and Fiscal Year 2010 Results
5. ShangPharma to Present at the Citibank Global Health Care Conference from March 1 - 3, 2011
6. ShangPharma Announces Appointment of Benson Tsang as a Member of the Board of Directors and Audit Committee
7. ULURU Inc. Announces Conference Call to Discuss Financial Results for the Second Quarter Ended June 20, 2011 and to Provide a Business Update
8. DMES, Inc. Announces 100 Percent Growth for Online Medical Supply Store
9. China Nuvo Solar Target Acquisition SurgLine Announces Agreement With Western U.S. Distributor
10. Prime Therapeutics Announces Pharmacy Offering with Guaranteed Net Spend Per Prescription
11. ChromaDex Announces Financial Results for Second Quarter 2011
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/20/2017)... BOSTON , April 20, 2017   ZappRx, Inc ... the specialty drug prescribing process, today announced it closed $25 ... Fund, a venture capital firm based in Seattle ... Qiming Venture Partners . The Series B round included ... A round in 2014, and GV (formerly Google ...
(Date:4/20/2017)... , April 20, 2017 ... platform, the first non-viral gene expression technology that enables ... the eye to address a wide range of ophthalmic ... Medicines and Healthcare products Regulatory Agency (MHRA) to advance ... ...
(Date:4/19/2017)... 19, 2017 /PRNewswire/ - CRH Medical Corporation (TSX: CRH) (NYSE MKT: CRHM) (the ... Co. Healthcare Investor Conference 2017 at the Sheraton Hotel in ... Chief Executive Officer of the Company is scheduled to present on ... Bear and the Chairman of the Board, Tony Holler ... ...
Breaking Medicine Technology:
(Date:4/24/2017)... ... 24, 2017 , ... Today, Bright Pink , a national non-profit organization focusing on the ... CEO. , Bright Pink is proud to announce Katie Thiede as their new Chief ... new role as Chairman of the Board and launched a national search to find ...
(Date:4/24/2017)... ... April 24, 2017 , ... The John P. McGovern Museum of ... anyone, anywhere to track their cognitive health, and share results with their physicians. Members ... health on the museum's website. , BrainCheck founder, Dr. David Eagleman, formerly at Baylor ...
(Date:4/24/2017)... ... April 24, 2017 , ... Salus Telehealth, ... the company’s VideoMedicine mobile platform has launched Quick Care, a new service offering ... Quick Care provides patients with the option to request and begin a consultation ...
(Date:4/24/2017)... ... April 24, 2017 , ... MAP Health Management announced ... in people with addiction who are served by MAP’s patient engagement ecosystem. Lief ... that monitors heart and breath rates to identify anxiety levels and can provide ...
(Date:4/24/2017)... ... April 24, 2017 , ... Come to PAINWeekEnd (PWE) Tampa on May 20 ... an educational and exciting 2-day program. , An attendee at a recent PAINWeekEnd ... approach patients” about the course entitled Ain't Misbehavin': Decreasing and Managing Pain Patient Aberrant ...
Breaking Medicine News(10 mins):