Chinese contract research organisation (CRO) ShangPharma has called in JP Morgan to help independent board consider a takeover bid.
Company CEO Michael Xin Hui and US private equity firm TPG Star Charisma Limited have put forward a non-binding offer to acquire all of the outstanding shares of ShangPharma that they do not currently own. Further details have not been disclosed.
JP Morgan will work with independent board members Yuk Lam Lo, Julian Ralph Worley and Benson Tsang to assess the proposal.
According to the deal website the bid values ShangPharma – which counts Eli Lilly and GlaxoSmithKline among its clients - at between $157.5m and $176m.