As part of the transaction, ShangPharma will take over Charles River's lease for the facility, which will provide the company with an additional 2,972 square meters (31,990 square feet) of in-vivo research facilities originally designed for GLP Tox studies, and 1,290 square meters (13,885 square feet) of lab and office space.
Kevin Chen, ShangPharma's president and chief operating officer, commented, "This transaction nearly triples ShangPharma's overall research model production and research capacity, positioning us to further leverage China's advantages in the area of in-vivo studies. The location of this facility within ShangPharma's main research campus is a notable strategic advantage, helping us to achieve significant operating efficiencies through consolidation with our current facilities."
Financial terms of the deal, which is subject to customary closing conditions, were not announced.
