SHANGHAI, March 20, 2013 /PRNewswire/
-- ShangPharma Corporation (NYSE: SHP) (the "Company"),
a leading China-based
pharmaceutical and biotechnology research and development
outsourcing company, today announced that, at an extraordinary
general meeting held today, the Company's shareholders voted in
favor of the proposal to approve the previously announced Agreement
and Plan of Merger dated December 21,
2012 (the "Merger Agreement"), by and among the Company,
ShangPharma Holdings Limited ("Holdings"), ShangPharma Parent
Limited ("Parent") and ShangPharma Merger Sub Limited ("Merger
Sub"), pursuant to which Merger Sub will be merged with and into
the Company with the Company surviving the merger as a wholly owned
subsidiary of Parent (the "Merger"). Of the Company's ordinary
shares entitled to vote at the extraordinary general meeting,
approximately 82.6% of such shares were voted in person or by proxy
at today's meeting, with approximately 99.9% of those shares voting
in favor of the proposal to approve the Merger Agreement and the
transactions contemplated thereby, including the Merger, and
related proposals.
Completion of the Merger is subject to the satisfaction or
waiver of the conditions set forth in the Merger Agreement. The
Company will work with the various other parties to the Merger
Agreement to satisfy all other conditions precedent to the Merger
set forth in the Merger Agreement and complete the Merger as
quickly as possible. If and when completed, the Merger would result
in the Company becoming a privately held company and its American
depository shares, each representing eighteen Company ordinary
shares, would no longer be listed on the New York Stock
Exchange.
About ShangPharma Corporation
ShangPharma 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. The Company'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
This document may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements. Such statements include, among others, those concerning
the effects of the Merger on the Company; the expected timing of
the completion of the Merger; the parties' ability to complete the
Merger considering the various closing conditions, as well as all
assumptions, expectations, predictions, intentions or beliefs about
future events. Forward-looking statements can generally be
identified by the use of forward-looking terminology such as
"will," "should," "may," "believes," "expects" or similar
expressions. Such information is based upon expectations of the
Company's management that were reasonable when made but may prove
to be incorrect. All of such assumptions are inherently subject to
uncertainties and contingencies beyond the Company's control and
based upon premises with respect to future business decisions,
which are subject to change. The Company does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
For further information, please contact:
ShangPharma Corporation
William Dai
Chief Financial Officer
E-mail: IR@shangpharma.com
Brunswick Group
Josh Gartner
E-mail: shangpharma@brunswickgroup.com
Phone: 86-10-5960-8600
SOURCE ShangPharma Corporation