Issue Date: November 5, 2007
Chinese Research Group Lands Financing
ShangPharma, a Shanghai-based contract research organization (CRO) whose subsidiary, Shanghai ChemExplorer, has a major contract with Eli Lilly & Co., has received a $30 million investment from the investor group TPG. ShangPharma, which claims to be China's leading CRO, says it plans to expand in the areas of assay development, compound screening, and drug metabolism and pharmacokinetic studies. It also plans to establish a current Good Manufacturing Practices-certified manufacturing facility.
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