ShangPharma Announces Milestone Achievement in Research Partnership with Hengrui SHANGHAI, Jan. 19, 2012 /PRNewswire-Asia/ -- ShangPharma Corporation (NYSE: SHP) ("ShangPharma" or the "Company"), a leading China-based pharmaceutical and biotechnology research and development outsourcing company, today announced that it has reached the first milestone in its strategic partnership with Jiangsu Hengrui Medicine Co., Ltd. ("Hengrui"), a leading Chinese pharmaceutical company, to develop novel therapeutic monoclonal antibodies ("mAbs"). "Achieving this first milestone is an important step forward in our development of therapeutic antibodies," said Dr. Lianshan Zhang, Hengrui's President of Global R&D. "We are pleased that we have achieved this just a few months into our strategic partnership with ShangPharma's biologics division." "We are delighted that this ground breaking collaboration to develop novel therapeutic monoclonal antibodies in China is rapidly producing results," said Michael Xin Hui, founder and Chief Executive Officer of ShangPharma. We believe that reaching this strategically important milestone is just the first of many achievements that the relationship between ShangPharma and Hengrui will yield. The long-term collaborative project includes three additional specific milestone targets. The goal of the strategic partnership is to deliver a drug candidate. About Jiangsu Hengrui Medicine Co., Ltd. Jiangsu Hengrui Medicine Co., Ltd., established in 1970, is a fully integrated pharmaceutical company in China, with net sales of about US$550 million in 2010. The company has been experiencing organic growth at an annual rate of 25% in the past few years. It is recognized as the top innovative home-grown drug company, with over a dozen of new molecular entities in clinical trials and dozens more under pre-clinical development. Hengrui's products and R&D span over multiple therapeutic areas, such as oncology, cardiovascular and metabolic diseases, CNS, inflammation, hematology and anesthesiology. For more information, please visit http://www.hrs.com.cn.