O’Melveny Advising ShangPharma Corporation’s Independent Committee in Review of “Going Private” ProposalAugust 06, 2012
FOR IMMEDIATE RELEASE
Andrea Rodeschini Piper Hall
O’Melveny & Myers LLP O’Melveny & Myers LLP
+1 212.326.2251 (office) +1 202.220.5022
BEIJING ─ AUGUST 6, 2012 ─ O’Melveny & Myers LLP is acting as legal advisor to the independent committee (Independent Committee) of ShangPharma Corporation’s board of directors in reviewing and evaluating the July 6, 2012, non-binding proposal from the Company’s chairman and chief executive officer, Mr. Michael Xin Hui (the Founder), and TPG Star Charisma Limited (TPG) to acquire all outstanding shares of ShangPharma Corporation not currently owned by the Founder, TPG or any of their respective affiliates.
As the Independent Committee’s legal advisor, O’Melveny is working alongside the Committee’s financial advisor, J.P. Morgan Securities (Asia Pacific) Limited. The O’Melveny team is led by partners David Roberts and Paul Scrivano and counsel Nima Amini.
About O’Melveny & Myers LLP
With approximately 800 lawyers in 15 offices worldwide, O’Melveny & Myers LLP helps industry leaders across a broad array of sectors manage the complex challenges of succeeding in the global economy. We are a values-driven law firm, guided by the principles of excellence, leadership, and citizenship. Our commitment to these values is reflected in our dedication to improving access to justice through pro bono work and championing initiatives that increase the diversity of the legal profession. For more information, please visit www.omm.com
The following press release was recently issued by ShangPharma Corporation:
ShangPharma Independent Committee Appoints Financial Advisor
SHANGHAI, Aug. 3, 2012 /PRNewswire-Asia/ -- ShangPharma Corporation (NYSE: SHP) ("ShangPharma" or the "Company"), a leading China-based pharmaceutical and biotechnology research and development outsourcing company, today announced that the independent committee of the Company's board of directors (the "Independent Committee"), consisting of three of the Company's independent directors, Mr. Yuk Lam Lo, Mr. Julian Ralph Worley and Mr. Benson Tsang, has retained J.P. Morgan Securities (Asia Pacific) Limited ("J.P. Morgan") as its financial advisor.
As the Independent Committee's financial advisor, J.P. Morgan will, together with O'Melveny & Myers LLP ("O'Melveny"), the Independent Committee's legal advisor, assist the Independent Committee in reviewing and evaluating the July 6, 2012 non-binding proposal from the Company's Chairman and Chief Executive Officer, Mr. Michael Xin Hui, and entities affiliated with him (collectively, the "Founder") and TPG Star Charisma Limited and its affiliates (collectively, "TPG") to acquire all of the outstanding shares of ShangPharma not currently owned by the Founder or TPG (the "Proposal"). J.P. Morgan and O'Melveny will also assist the Independent Committee in reviewing and evaluating any additional proposals that may be made by the Founder, TPG or other parties, if any.
The Independent Committee is continuing its evaluation of the Proposal. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed, that the Independent Committee will recommend the Proposal or that this or any other transaction will be consummated.
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. 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.
Safe Harbor: Forward-Looking Statements
Certain statements contained in this announcement may be viewed as "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. The Company undertakes no ongoing obligation, other than that imposed by law, to update these statements.
For further information, please contact:
Chief Financial Officer