ShangPharma and Lilly Celebrate 10 Years of Partnership
SHANGHAI, June 4, 2012 /PRNewswire-Asia/ -- ShangPharma Corporation (SHP) ("ShangPharma" or the "Company"), a leading China-based pharmaceutical and biotechnology research and development outsourcing company, today celebrated the 10th anniversary of its partnership with Eli Lilly and Company ("Lilly").
"I am delighted that our relationship with Lilly has grown so significantly over the 10 years since we began providing compound synthesis research services through our subsidiary ChemExplorer," said Michael Xin Hui, founder and CEO of ShangPharma. "We are proud to play an important role in helping to bring life-saving drugs to market."
"ChemExplorer, in my opinion, has set the industry standard for partnered chemistry in Asia," said Alan Palkowitz, VP of Discovery Chemistry for Lilly, in remarks given at an event in Shanghai to celebrate the anniversary. "The courage and spirit that started ChemExplorer are the same that will guide us through the next decade and beyond."
"From an original group of five chemists performing discovery research in 2002, ChemExplorer now has more than 200 scientists supporting Lilly," said William Dai, ShanghPharma's CFO. "Our team of highly trained scientists works in almost all areas of drug discovery chemistry, including library synthesis, lead generation, lead optimization, and computational chemistry."
Following the establishment of the initial strategic partnership between Lilly and ShangPharma in 2002, the two companies formed Shanghai PharmExplorer Co., Ltd. ("PharmExplorer") in 2006. PharmExplorer is dedicated exclusively to collaborating with Lilly on product research and development in the areas of process chemistry, analytical chemistry and pre-formulation development.
About ShangPharma Corporation
ShangPharma Corporation 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.
For further information, please contact:
Ms. Lan Xie
VP of Finance and Investor Relations
Mr. Josh Gartner
SOURCE ShangPharma Corporation