ShangPhama board agrees to TPG-backed buyout
ShangPharma Corporation, a Chinese pharmaceutical and biotech research outsourcing firm listed on the New York Stock Exchange, has agreed to management buyout by Michael Hui, the firm’s chairman and CEO, and TPG Capital. The transaction values the company at $173 million.
According to a regulatory filing, the ShangPharma board has accepted an offer of $9.00 per share, a 30.8% premium to the closing price on July 5, the last trading day before the offer was submitted. ...
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