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ShangPharma Purchases Shanghai In-vivo Drug Research Facility from Charles River
Date:10/24/2011

SHANGHAI, Oct. 24, 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 it has, through its main Chinese subsidiary, Shanghai ChemPartner Co. Ltd. ("ChemPartner"), acquired the assets in Charles River Laboratories International, Inc.'s ("Charles River") Shanghai research facility.

As part of the transaction, ShangPharma will take over Charles River's lease for the facility, which will provide the Company with an additional 2,972 square meters (31,990 square feet) of in-vivo research facilities originally designed for GLP Tox studies, and 1,290 square meters (13,885 square feet) of lab and office space.

"The acquisition of one of the best designed and constructed state-of-the-art research facilities and laboratories in China is a major step forward for ShangPharma's in-vivo pharmacology services, which we expect to be a significant revenue growth driver going forward, along with biologics; research manufacturing; and integrated discovery and development services," Michael Xin Hui, founder and Chief Executive Officer of ShangPharma, commented. "The added world-class research capacity should enable ShangPharma to become a top global player in the area of comprehensive in-vivo pharmacology services with specialized capabilities."

Kevin Chen, ShangPharma's President and Chief Operating Officer, commented, "This transaction nearly triples ShangPharma's overall research model production and research capacity, positioning us to further leverage China's advantages in the area of in-vivo studies. The location of this facility within ShangPharma's main research campus is a notable strategic advantage, helping us to achieve significant operating efficiencies through consolidation with our current facilities."
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SOURCE ShangPharma Corporation
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