SHANGHAI,
June 19, 2017 /PRNewswire/
--
ShangPharma, a leading life science partnering organization
providing high-quality and cost-effective drug development and
discovery services, technology, and investment for the
pharmaceutical and biotechnology industry, announced today the
intent to join with Quantum Hi-Tech China Biological Co.
Ltd.
Quantum, in a press release
earlier this week, announced their intent to purchase
Shanghai ChemPartner, ShangPharma's Contract Research and Contract
Manufacturing Organizations (CRO/CMO). This type of merger approach
was addressed in a press release by
ShangPharma in March and is part of the company's plans to leverage
the capital market in China that
has been adopted by several biopharmaceutical industry
leaders.
"Our team is excited to take another step forward with our
plans to list on the Chinese stock exchange. We believe
Quantum is the right partner to help Shanghai ChemPartner achieve
its vision and goals as a public company. A merger would
enable both companies to create more value for shareholders. There
is no area of business overlap between the two organizations, and
Shanghai ChemPartner will be preserved as a stand-alone CRO/CMO
business," stated Michael Hui,
Chairman and CEO of ShangPharma.
This news follows the corporate restructuring of Shanghai
ChemPartner earlier this year. Should the Chinese Regulatory
Securities Commission approve the merger, the expected timeline for
deal closure would be at the end of 2017.
"Shanghai ChemPartner is pleased to have successfully
completed a strategic restructuring process, resulting in no
functional change to our CRO and CMO businesses. After merger
approval, our operational plan is to maintain organizational
integrity and remain an autonomous corporate division with our
leadership intact. Shanghai ChemPartner's name will remain
the same, and we will continue to provide uninterrupted services to
our clients with the existing staff, located at the current
facilities, under the same leadership. We will continue to
invest in our CRO/CMO businesses and increase the breadth and depth
of our service offerings to meet the emerging needs of our
clients," said Livia Legg, Chief
Commercial Officer of Shanghai ChemPartner and General Manager of
ChemPartner Corporation (US) and ChemPartner EU.
Shanghai ChemPartner, which includes
ChemPartner, China Gateway Pharmaceutical Development, China
Gateway Biologics, and ChemExplorer, offers a broad range of drug
discovery and development capabilities including discovery
biologics, discovery chemistry, discovery biology, DMPK, CMC, and
biologics manufacturing. Shanghai ChemPartner serves a diverse
global client base and has laboratories, business offices, and
representatives in the US, Europe,
China, and Japan.
---
FOR MORE
INFORMATION
Livia
Legg, MS, Chief Commercial Officer,
news@chempartner.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shangpharma-announces-second-milestone-in-move-to-enter-chinese-capital-market-300475445.html
SOURCE ShangPharma Corporation