The leading life science partnering organization ShangPharma (Shanghai, China), which seeks to provide high-quality and cost-effective drug development and discovery services as well as investment for the pharmaceutical and biotechnology industry, has announced that it will be undergoing a strategic corporate restructure.
The CROs and CMOs will be consolidated under Shanghai ChemPartner. This will include ChemPartner Shanghai, ChemPartner Fengxian, ChemPartner Chengdu, ChemPartner US, ChemPartner Europe, China Gateway Pharmaceutical Development, China Gateway Biologics, ChenExplorer Hong Kong and Chem Explorer Shanghai.
The current intention of Shanghai ChemPartner is to enter the capital market in China, mainly using a merger approach. ChemPartner will seek to leverage the capital market in China as a result of listing on either the Shanghai or Shenzhen stock exchange. Several industry leaders have adopted similar strategies.
“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,” commented 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.”
ShangPharma has amassed a global workforce and comprehensive range of CRO and CMO services over the past 15 years. A broad range of drug discovery and development services will continue to be offered by Shanghai ChemPartner. These will include discovery biologics, discovery chemistry, discovery biology, DMPK, CMC and biologics manufacturing. ChemPartner runs laboratories and business offices in the USA, Europe, China and Japan and serves a diverse global client base.
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.”