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TPG to invest in Chinese pharmaceutical firm - WSJ

Wed Oct 24, 2007 7:45am EDT

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NEW YORK, Oct 24 (Reuters) - Private equity firm TPG is investing in pharmaceutical-research outsourcing company Shanghai ChemPartner, The Wall Street Journal reported on its Web site on Wednesday, citing unnamed sources.

Mergers & Acquisitions

TPG, formerly known as Texas Pacific Group, will also invest in ChemPartner's sister company ChemExplorer, which works mostly for Eli Lilly & Co. (LLY.N), since it is taking a minority stake in ShangPharma, the holding company of both, the Journal reported.

The percentage and value of the stake are unclear, the Journal reported, but it will be greater than $30 million.

ChemPartner has been approached by others interested in investing about $30 million to $50 million for around 20 percent to 25 percent of the company, according to the Journal.

TPG could not be immediately reached for comment.

Mergers & Acquisitions


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