SHANGHAI, March 24, 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 for a strategic corporate restructuring.
ShangPharma will be consolidating the Contract Research Organizations (CRO) and Contract Manufacturing Organizations (CMO) under Shanghai ChemPartner. These entities include ChemPartner Shanghai, ChemPartner Fengxian, ChemPartner Chengdu, ChemPartner US, ChemPartner Europe, China Gateway Pharmaceutical Development, China Gateway Biologics, ChemExplorer Hong Kong, and ChemExplorer Shanghai.
Currently, Shanghai ChemPartner's intention is to enter the capital market in China, mainly through a merger approach. By listing on either the Shanghai or Shenzhen stock exchange, ChemPartner seeks to leverage the capital market in China. Similar strategies have been adopted by several industry leaders.
"ShangPharma is committed to the best interests of our employees, our clients, our business partners, and our investors," stated Michael Hui, Chairman and CEO of ShangPharma. "Executing a successful restructuring will provide access to capital and maximize shareholder value. Shanghai ChemPartner will continue to operate independently, and the current leadership team will remain intact. I am proud of the level of success the company has achieved, and I look forward to accomplishing this major milestone."
"The corporate restructuring plan is an integral part of ShangPharma's global growth strategy for its CRO and CMO organizations," said Livia Legg, Chief Commercial Officer of Shanghai ChemPartner and General Manager of ChemPartner US and ChemPartner EU. "This strategic maneuver enables Shanghai ChemPartner to better serve its clients, expand its global presence and access new markets."
Over the past fifteen years, ShangPharma has built a global workforce and comprehensive range of CRO and CMO services. Shanghai ChemPartner will continue to offer a broad range of drug discovery and development capabilities including discovery biologics, discovery chemistry, discovery biology, DMPK, CMC, and biologics manufacturing. ChemPartner serves a diverse global client base and operates laboratories and business offices in the US, Europe, China, and Japan.
Dr. Wei Tang, President of Shanghai ChemPartner stated, "The corporate restructuring will have no impact on ChemPartner's routine business operations, and the company will continue to provide high quality services to its clients. ChemPartner is a strong organization comprised of hardworking, passionate people. We are committed to operational excellence and will remain a science driven, technology based organization."
SOURCE ShangPharma Corporation