ShangPharma Offering Up To $52.8 Million In IPO; Towards the Lower End of Intially Stated Range
10/19/2010 7:28:48 AM
NEW YORK, Oct 18, 2010 (BUSINESS WIRE) -- ShangPharma Corporation /quotes/comstock/13*!shp (SHP 0.00, 0.00, 0.00%) ("ShangPharma" or the "Company"), a leading China-based pharmaceutical and biotechnology research and development outsourcing company, today announced that its initial public offering of American depositary shares ("ADSs") was priced at $15 per ADS. The Company is offering 3,200,000 ADSs and certain of its shareholders are offering an additional 2,600,000 ADSs. Each ADS represents 18 ordinary shares of the Company. The Company will not receive any proceeds from the ADSs sold by the selling shareholders. The underwriters have been granted a 30-day option to purchase up to an additional 870,000 ADSs from the selling shareholders. The ADSs will begin trading on the New York Stock Exchange on October 19th, 2010, under the ticker symbol "SHP".
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as joint bookrunners for the offering. William Blair & Company, L.L.C. and Oppenheimer & Co. Inc. acted as co-managers for the offering.
A registration statement relating to these securities has been declared effective by the United States Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of the securities is being made only by means of a written prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by visiting EDGAR on the SEC's website at http://www.sec.gov, or by contacting Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220 tel: (800) 831-9146 or email:email@example.com or J.P. Morgan Securities LLC, Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 tel: (866) 803-9204.
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.