Global private investment firm TPG has acquired China-based HCP Holdings for approximately US$600 million after securing a US$300 million five-year loan from a consortium of lenders, including Citigroup, DBS, Chinatrust Commercial Bank, Fubon Bank and Cathay Bank. HCP Holdings produces specialty packaging for the cosmetics, toiletries, skincare and fragrance industries and counts L’Oreal and Shiseido among its clients. Separately, Chinese pharmaceutical and biotech contract research organization ShangPharma has announced TPG will partner with management to acquire all outstanding shares of ShangPharma, representing approximately 35 percent of existing equity, for between US$8.50 and US$9.50 per share in a deal valuing the company at up to US$176 million.