ShangPharma Corporation, a leading China-based pharmaceutical and biotechnology R&D outsourcing company, filed and announced terms for its IPO on Thursday. The Shanghai-based company plans to raise $90 million by offering 5.8 million ADSs at a price range of $14.50-$16.50. At the mid-point of the proposed range, ShangPharma will command a market value of $289 million. ShangPharma Corporation, which was founded in 2002 and booked $81 million in sales for the 12 months ended June 30, plans to list on the NYSE under the symbol SHA. Citi and J.P. Morgan are the lead underwriters on the deal, which is expected to price during the week of October 18.
