Navigation Links
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."

"This acquisition from Charles River should support accelerated growth in ShangPharma's biology, preclinical development and biologics services for the next several years," added William Dai, ShangPharma's Chief Financial Officer. "ShangPharma's strong cash position has enabled us to make this strategic investment, which we expect will provide excellent returns and maximize shareholder value."

Financial terms of the deal, which is subject to customary closing conditions, were not announced.

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
Ms. Lan Xie
VP of Finance and Investor Relations
Email: ir@shangpharma.com

Brunswick Group
Josh Gartner
Email: shangpharma@brunswickgroup.com
Phone: 86-10-5960-8600


'/>"/>
SOURCE ShangPharma Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. ShangPharma Announces Appointment of Benson Tsang as a Member of the Board of Directors and Audit Committee
2. ShangPharma to Present at the Citibank Global Health Care Conference from March 1 - 3, 2011
3. ShangPharma Announces Fourth Quarter and Fiscal Year 2010 Results
4. ShangPharma Corporation Files 2010 Annual Report on Form 20-F
5. ShangPharma Corporation to Announce First Quarter 2011 Financial Results on May 19, 2011
6. ShangPharmas Biologics Division Announces Accelerated Achievement of Milestones for Two Multi-Stage Projects
7. ShangPharma Announces Up to $10 Million Share Repurchase Program
8. ShangPharma Corporation to Hold 2011 Annual General Meeting on October 14, 2011
9. ShangPharma Corporation Announces Resignation of a Director
10. ShangPharma Corporation Announces Shareholder Resolutions Adopted at 2011 Annual General Meeting
11. Paul Capital Healthcare Purchases Additional Royalty Interest in GlaxoSmithKlines Rotarix(R)
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/25/2017)...  EpiVax, Inc., a leader in the fields ... announced the launch of EpiVax Oncology Inc., a ... cancer vaccines. EpiVax has provided $500,000 in seed ... technologies to the new precision immunotherapy venture. Gad ... as Chief Executive Officer. Gad brings over 25 ...
(Date:9/22/2017)... 2017  As the latest Obamacare repeal effort moves ... (R-LA) and Lindsey Graham (R-SC) medical ... device industry is in an odd place.  The industry ... excise tax on medical device sales passed along with ... patients, increased visits and hospital customers with the funding ...
(Date:9/19/2017)... HistoSonics, Inc., a venture-backed medical device company developing a non-invasive, robotically assisted, platform therapy that ... developments today:   ... ... Tom Tefft ... Veteran medical device executive Josh Stopek , PhD, who has led R&D and ...
Breaking Medicine Technology:
(Date:10/13/2017)... ... October 13, 2017 , ... “The Journey: From the Mountains to ... to save lost souls in the Philippines. “The Journey: From the Mountains to the ... teacher of the Bible. She has taught all ages and currently teaches a class ...
(Date:10/12/2017)... ... 2017 , ... Planet Fitness, one of the largest and fastest growing franchisors ... a flagship location in Covington, LA at 401 N. U.S. Highway 190, in January ... Office Depot in the Holiday Square shopping center. Its location allows it to serve ...
(Date:10/12/2017)... ... October 12, 2017 , ... Asante, a ... health care, have expanded their existing home health joint venture through an agreement, ... been operating a joint venture home health company with Asante, delivering clinically integrated ...
(Date:10/12/2017)... Washington, D.C. (PRWEB) , ... October 12, 2017 , ... ... of their peers in Washington, D.C., for the 49th Congress of the International ... Ph.D ., Vice President of the Center for Cancer and Blood Disorders ...
(Date:10/12/2017)... BALTIMORE (PRWEB) , ... October 12, 2017 , ... ... average of $3,296 in property taxes a year. In some states—like New York, ... higher. , By contrast, many overseas retirement havens have extremely low property-tax rates, ...
Breaking Medicine News(10 mins):