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:1/23/2017)... InDex Pharmaceuticals Holding AB (publ) today announced ... of the European Crohn,s and Colitis Organisation (ECCO). The ECCO congress ... on inflammatory bowel disease (IBD). The congress is held in ... ... again having been selected to present data at the largest IBD ...
(Date:1/23/2017)... 23, 2017 Just two weeks remain until legal experts and ... in Central London to discuss the flow of ... the market, Parallel Trade 2017 . In the run ... attendees which is available to read in the event download centre ... Some of those ...
(Date:1/22/2017)... ABU DHABI , Saudi Arabia , January ... the US and UAE ... of the Future , at the World Economic Forum   ... future will be driven by big data and powered by artificial intelligence and ... of experts that discussed the ,Hospital of the Future, at the concluding day ...
Breaking Medicine Technology:
(Date:1/23/2017)... ... January 23, 2017 , ... Valentine’s Day is a time when many people celebrate romance ... those who may be looking for the ideal present, Atlanta-based Perimeter Plastic Surgery ... additional $25 free. Or, spend $200 and get $50 free. , “A lot of ...
(Date:1/22/2017)... SAINT- MALO, FRANCE (PRWEB) , ... January 22, 2017 , ... ... the Indian Ocean, isolated from the rest of the world with ZANZIBAR MILKY CREAM. ... Africa, Phytocéane used key ingredients like Virgin Coconut Oil and moisturizing vegetal coral to ...
(Date:1/22/2017)... ... January 22, 2017 , ... Zifam Pinnacle, an Australian ... world, recently met with big-name retail buyers at the January ECRM Trade Show in ... and uses the utmost safety standards in all of its creations to help create ...
(Date:1/22/2017)... ... January 22, 2017 , ... "Photo Cloud allows FCPX users to add ... slideshow with complete ease," said Christina Austin - CEO of Pixel Film Studios. ... FCPX timeline. Presets include scenes with one, three, four or five focus ...
(Date:1/22/2017)... ... , ... Medical lab testing through hospitals and other traditional methods ... will take days to arrive to the end customer, having to travel through medical ... lab tests, bypassing the cost and delay of traditional means. Now all employees of ...
Breaking Medicine News(10 mins):