ShangPharma (SHP) Receives First Milestone in Research Partnership with Hengrui
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ShangPharma Corporation (NYSE: SHP) today announced that it has reached the first milestone in its strategic partnership with Jiangsu Hengrui Medicine Co., Ltd., a leading Chinese pharmaceutical company, to develop novel therapeutic monoclonal antibodies.
The long-term collaborative project includes three additional specific milestone targets. The goal of the strategic partnership is to deliver a drug candidate.
"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."
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The long-term collaborative project includes three additional specific milestone targets. The goal of the strategic partnership is to deliver a drug candidate.
"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."
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