Private equity firm TPG Capital backed a consortium of buyers as part of a deal that would see ShangPharma Corp. (NYSE: SHP) be taken private for $173 million.

Through its life science venture investment arm TPG Biotech, the San Francisco firm has teamed with ChemExplorer Investment Holdings Ltd., ChemPartner Investment Holdings Ltd., Joint Benefit Group Ltd. and Han Ming Tech Investment Ltd. to purchase ShangPharma for 50 cents per share.

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