ShangPharma milestone in Hengrui accord; expands Lilly contract

23 January 2012

Leading Chinese R&D outsourcing firm ShangPharma Corp (NYSE: SHP) says that it has reached the first milestone in its strategic partnership with China-based drugmaker Jiangsu Hengrui Medicine Co, to develop novel therapeutic monoclonal antibodies (MAbs).

"Achieving this first milestone is an important step forward in our development of therapeutic antibodies," said Lianshan Zhang, Hengrui's president of Global R&D, adding: "We are pleased that we have achieved this just a few months into our strategic partnership with ShangPharma's biologics division."

"We are delighted that this ground breaking collaboration to develop novel therapeutic monoclonal antibodies in China is rapidly producing results," said Michael Xin Hui, founder and chief executive of ShangPharma. "We believe that reaching this strategically important milestone is just the first of many achievements that the relationship between ShangPharma and Hengrui will yield."

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