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:9/23/2017)... , Sept. 22, 2017 Janssen Biotech, ... complete response letter from the U.S. Food and Drug ... approval of sirukumab for the treatment of moderately to ... indicates additional clinical data are needed to further evaluate ... to severely active RA. ...
(Date:9/22/2017)... Md. , Sept. 22, 2017  As the ... Republican Senators Bill Cassidy (R-LA) and ... Information notes that the medical device industry is in ... medical device tax, the 2.3% excise tax on medical ... But they also want covered patients, increased visits and ...
(Date:9/22/2017)... , Sept. 22, 2017 AVACEN Medical ... device is now successfully helping those with the widespread ... Fibromyalgia diagnosed Amanda in Essex, England ... and washing my hair, experiencing no sleep at all, ... painful spasm… I cannot recommend [the AVACEN 100] enough, ...
Breaking Medicine Technology:
(Date:9/24/2017)... ... 24, 2017 , ... The Tuscany Resort on Grace Bay in the Turks ... boutique resorts, is planning on re-opening the resort on October 1st. , ... more recently Hurricane Maria, and the staff and landscaping crews were fast in the ...
(Date:9/24/2017)... ... ... The Bible: The Other Sheep”: the ceremonial laws of Moses and the Holy Law of ... of published author, Maurice Caines. Maurice Caines resides in the sunny isle of Florida, ... the Seventh-day Adventist Church for many years. He was previously a member of the ...
(Date:9/22/2017)... ... ... On Sunday, September 24, hundreds will gather at Flo Jo Park for ... fastest woman of all time. Flo Jo passed away from complications related to ... Anthem. Mary was a contestant on the 2012 season of America’s Got Talent. ...
(Date:9/22/2017)... West Chester, PA (PRWEB) , ... September 22, ... ... and toddler sleep consulting firm in Pennsylvania, is pleased to offer in-home and ... ever, the effect that sleep deprivation has on the body,” says company owner ...
(Date:9/22/2017)... , ... September 22, 2017 , ... ... nutritional supplement produced by Native Remedies that helps promote pancreatic health and ... many individuals. However, some prescription-based approaches can have negative side effects, and with ...
Breaking Medicine News(10 mins):