JP Morgan has been appointed depositary bank by ShangPharma, raising $87m via a listing of ShangPharma's American Depositary Shares (ADS) on the New York Stock Exchange.

ShangPharma, a China-based pharmaceutical and biotechnology research and development outsourcing company, issued 5.8 million ADSs at $15 per ADS.

ShangPharma vice president of finance and operations Lan Xie said the JP Morgan depositary receipts team brought with them experienced servicing skills and a host of value-added services, and ShangPharma looks forward to working with the team in the future.

JP Morgan depositary receipts group Asia Pacific head Kenneth Tse said ShangPharma is a market leader in the global pharmaceutical and biotech contract research organization industry, and JP Morgan is pleased to have been mandated as ShangPharma’s depositary bank.

"Leveraging our extensive DR experience and ability, we were able to execute a seamless solution that helped achieve ShangPharma’s capital raising objectives. We look forward to building a long-term relationship with ShangPharma as it continues to broaden its investor base," Tse said.