A private equity-backed deal to take ShangPharma Corp. private for $173 million has closed.

ShangPharma is a China-based contract-research organization that does chemical, pharmaceutical, biological and other research. The deal was announced in December.

Private equity firm TPG Capital, through its life science venture investment arm TPG Biotech, partnered with ChemExplorer Investment Holdings Ltd., ChemPartner Investment Holdings Ltd., Joint Benefit Group Ltd. and Han Ming Tech Investment Ltd. to acquire the company for $0.50 per share. The company's shares were trading at $6.88 before a deal was announced. 

Skadden Arps Slate Meagher & Flom LLP provided legal advice to ShangPharma. Ropes & Gray LLP provided legal counsel to TPG and the buyer group.

ShangPharma is one of several Chinese companies listed on the New York Stock Exchange to consider a going-private proposal in the past few months. In March, Camelot Information Systems Inc.’s (NYSE: CIS) chairman proposed a deal to take the company private for $82 million. Also in March, Simcere Pharmaceutical Group’s (NYSE: SCR) chairman proposed a $500 million going-private offer. 

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