ShangPharma Surges Most in 10 Months on Acquisition Offer

ShangPharma Corp. (SHP), a Chinese medical researcher, surged the most in 10 months in New York after the company said it may be acquired at a premium to yesterday’s trading levels.

ShangPharma, based in Shanghai, climbed 18 percent to $8.09 at 1:28 p.m. in New York, the biggest advance since Aug. 12. Shares had lost 5.4 percent this year through yesterday.

ShangPharma received a non-binding proposal from Xin Hui and entities affiliated with him, to acquire all of the company’s outstanding American depositary receipts for $8.50 to $9.50 per share, according to a statement distributed by PRNewswire. Shares closed at $6.88 on July 5.

To contact the reporter on this story: Leon Lazaroff in New York

To contact the editor responsible for this story: Tal Barak Harif at

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.