ShangPharma Independent Committee Appoints Financial Advisor
SHANGHAI, Aug. 3, 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 the independent committee of the Company's board of directors (the "Independent Committee"), consisting of three of the Company's independent directors, Mr. Yuk Lam Lo, Mr. Julian Ralph Worley and Mr. Benson Tsang, has retained J.P. Morgan Securities ( Asia Pacific) Limited ("J.P. Morgan") as its financial advisor.
As the Independent Committee's financial advisor, J.P. Morgan will, together with O'Melveny & Myers LLP ("O'Melveny"), the Independent Committee's legal advisor, assist the Independent Committee in reviewing and evaluating the July 6, 2012 non-binding proposal from the Company's Chairman and Chief Executive Officer, Mr. Michael Xin Hui, and entities affiliated with him (collectively, the "Founder") and TPG Star Charisma Limited and its affiliates (collectively, "TPG") to acquire all of the outstanding shares of ShangPharma not currently owned by the Founder or TPG (the "Proposal"). J.P. Morgan and O'Melveny will also assist the Independent Committee in reviewing and evaluating any additional proposals that may be made by the Founder, TPG or other parties, if any.
The Independent Committee is continuing its evaluation of the Proposal. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed, that the Independent Committee will recommend the Proposal or that this or any other transaction will be consummated.
About ShangPharma CorporationShangPharma 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV