American private equity firm TPG is investing in pharmaceutical-research outsourcing company Shanghai ChemPartner, The Wall Street Journal reported on its Web site Wednesday, citing unnamed sources.
TPG, previously known as Texas Pacific Group, will also be investing in ChemPartner's sister company, ChemExplorer, since it is taking a minority stake in ShangPharma, the holding company of both, according to the source cited by the Journal.
The exact percentage and value of the stake are unclear, but it will be greater than $30 million, according to another person involved in the deal.
ChemPartner has been approached by other suitors interested in investing around $30 million to $50 million for about 20% to 25% of the company, said the report.