Navigation Links
ShangPharma Independent Committee Appoints Chairman and Legal Counsel
Date:7/17/2012

SHANGHAI, July 17, 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 Mr. Yuk Lam Lo has been appointed as the chairman of the independent committee of the Company's board of directors (the "Independent Committee"). In addition, the Independent Committee has appointed O'Melveny & Myers LLP as its legal advisor.

As previously announced, the Company's board of directors formed the Independent Committee to review and evaluate the July 6, 2012 non-binding proposal 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 (the "Proposal").  

The Independent Committee also intends to retain independent financial advisors to assist it in evaluating the Proposal and any additional proposals that may be made by Founder, TPG or other parties, if any. Although the Independent Committee has begun preliminary work, it has not set a definitive timetable for the completion of its evaluation of the Proposal or any other strategic alternatives and does not currently intend to announce developments unless and until an agreement has been reached. There can be no assurance that any definitive offer will be made, that any agreement will be executed, that the Independent Committee will recommend the Proposal or that this or any other transaction will be 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 Announces Receipt of "Going Private" Proposal at $8.50 to $9.50 Per ADS
2. ShangPharma Announces First Quarter 2012 Results
3. ShangPharma to Report First Quarter 2012 Financial Results on May 17, 2012
4. ShangPharma Corporation Files 2011 Annual Report on Form 20-F
5. Cardinal Health Highlights Independent Pharmacy Best Practices At Retail Business Conference 2012
6. Cardinal Health Celebrates Community Pharmacists Commitment to Patient Care at Annual Trade Show for Independent Pharmacies
7. American Oriental Bioengineering Announces Change of Independent Auditors
8. Allscripts Adds Two Independent Directors to Board
9. EnerJel™ Adds 200 Independent Pharmacies To Distribution Base
10. Winner Medicals Special Committee Appoints Independent Financial Advisor and Retains Legal Counsel
11. American Oriental Bioengineering Announces Appointment of Audit Committee Chairman
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/31/2017)... Tenn. , July 31, 2017 Three Tru-D SmartUVC ... Yongsan, South Korea . Tru-D, short for "Total Room ... and operating rooms after an environmental services (ES) professional cleans the area ... ... "Although the ...
(Date:7/28/2017)... 2017 Hill-Rom Holdings, Inc. ("Hill-Rom") (NYSE: HRC), ... ended June 30, 2017, and updated its financial outlook ... For the fiscal third quarter, Hill-Rom reported earnings ... diluted share in the prior-year period. These results reflect ... diluted share primarily related to the non-cash write-down of ...
(Date:7/27/2017)... WARSAW, Ind., July 27, 2017  Zimmer Biomet Holdings, ... the quarter ended June 30, 2017.  The Company reported ... of 1.1% over the prior year period, and an ... approximately 240 basis points of contribution from the LDR ... from the second quarter of 2016, or 0.3% on ...
Breaking Medicine Technology:
(Date:8/16/2017)... , ... August 16, 2017 , ... ... Inc. has received a three-year grant totaling $975,000, renewing its funding from the ... and Human Services. , This funding marks, the fourth time the HRSA administration ...
(Date:8/16/2017)... ... August 16, 2017 , ... With a new PD diagnosis every nine ... , The grants are awarded through a competitive application process and reviewed by ... of backgrounds and expertise in all areas relevant to PD research. The SAB ...
(Date:8/16/2017)... VERO BEACH, Fla. (PRWEB) , ... August 16, ... ... living development and management company based in Vero Beach, announced today that two ... Florida Argentum, an organization that represents professionally managed senior living communities in Florida. ...
(Date:8/16/2017)... , ... August 16, 2017 , ... ... announces their latest new client win in the healthcare market, with Los Angeles-based ... to support healthcare staff and members. , AHF cares for nearly 800,000 individuals ...
(Date:8/16/2017)... ... August 16, 2017 , ... ... in AED (Automated External Defibrillator) machines to their local business community, Riverfront Fitness ... Arrow Benefits Group. AED machines are an integral part of treating those suffering ...
Breaking Medicine News(10 mins):