ShangPharma Announces Opening of New Facility to Support Lilly's Pipeline
PR NewswirePress Release: ShangPharma Corporation – Tue, Jan 10, 2012 8:00 AM EST
SHANGHAI , Jan. 10, 2012 /PRNewswire-Asia/ -- ShangPharma Corporation (NYSE: SHP - News) ("ShangPharma" or the "Company"), a leading China -based pharmaceutical and biotechnology research and development outsourcing company, today announced that it has opened a new facility to meet the growing capacity needs of one of its largest customers, Eli Lilly and Company ("Lilly"). ShangPharma also announced that it has signed a multi-year extension of its contract with Lilly.
"We are delighted to extend and deepen our highly productive relationship with Lilly," said Michael Xin Hui , founder and Chief Executive Officer of ShangPharma. "Renewing our agreement to serve as a key support partner for Lilly's discovery services is a clear indication that international pharmaceutical companies appreciate the high quality of ShangPharma's team and the excellence of our R&D capability. Our focus on building trust with companies through years of cooperation helps ShangPharma better understand our customers' needs and exceed their expectations."
ShangPharma's newly opened facility adds 110,000 square feet of laboratory and office space to the Company's overall capacity, and is fully dedicated to supporting Lilly's ongoing and future projects. The opening of the facility coincides with the multi-year extension of ShangPharma's contract with Lilly.
William Dai , ShangPharma's Chief Financial Officer, commented, "The opening of this state of the art facility gives us the capacity to expand our operations and better meet Lilly's growing demand. We expect to achieve high utilization of the new facility from day one
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