A site providing laboratory and office space in Shanghai has been acquired by ShangPharma, which offers extensive pharmaceutical and biotechnology research outsourcing services, in what has been hailed as a “major step forward” for the company.
The newly-acquired site offers around 14,000 sq ft of combined lab and office space, as well as close to 32,000 sq ft of research facilities, which the China-based outsourcer hopes will dramatically enhance its overall operating capacity.
“The added world-class research capacity should enable ShangPharma to become a top global player in the area of comprehensive in-vivo pharmacology services with specialised capabilities,” said its chief executive and founder Michael Xin Hui.
“ShangPharma’s strong cash position has enabled us to make this strategic investment, which we expect will provide excellent returns and maximise shareholder value,” commented William Dai, the company’s chief financial officer.
Shanghai is one of the powerhouses behind the rapidly expanding Chinese economy and it is home to hundreds of fast-growing globally-operative businesses.
The country’s tallest building Shanghai Tower is scheduled for completion in 2013 and will add hundreds of thousands of square feet to the city’s booming office space market.
ShangPharma has more than 1,600 full-time scientists and researchers working at its facilities and it boasts over half a million square feet of lab and office space worldwide.
Editor’s notes: As of July 2023, ShangPharma’s Shanghai office was listed as No. 5 Building, 998 Halei Road, Shanghai. The company also had a presence in the San Francisco Bay area.
As of July 2023, the 128-storey Shanghai Tower was still the tallest building in Shanghai standing at 2,073 feet.