TPG backs $176m ShangPharma MBO
TPG Capital is backing a management buyout (MBO) bid for ShangPharma, a Chinese pharmaceutical and biotech research outsourcing firm listed on the New York Stock Exchange. Michael Hui, ShangPharma’s chairman and CEO, and affiliates of TPG have offered $8.50-9.50 per share for the company, valuing it up to $176 million.
Hui and TPG already own approximately 54% and 11% of ShangPharma, respectively. The US private equity firm originally invested in the company in 2007, paying $35 million for a 25% stake via TPG Biotech...
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