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With the deal, the China-based CDMO grows its US presence
Asymchem Laboratories, a contract development and manufacturing organization (CDMO) based in Tianjin, China, has agreed to acquire Snapdragon Chemistry, a US-based chemical technology company providing expertise in continuous manufacturing and early-stage chemical process development services to the pharma and fine chemical industries. The $57.94 million acquisition will expand Asymchem's footprint in the US.
"We believe continuous flow manufacturing is a revolutionary technology and represents the future of pharmaceutical production, not only generating advantages to process safety and cost, but also bringing tremendous environmental benefits," says Hao Hong, chairman and CEO of Asymchem Group. "Asymchem has been deeply committed to flow chemistry technology development and its application expansion in the pharmaceutical industry for more than a decade. We are excited that this strategic acquisition will further strengthen our capabilities in continuous manufacturing, as well as broadening our service scope and client pool."
The business relationship dates back to 2020, when the CDMO invested in Snapdragon in order to help expand its current good manufacturing practice drug substance manufacturing capabilities. The acquisition will further streamline the transition of clients' projects from early to late-stage manufacturing and commercialization, the involved parties note.
Snapdragon will operate as a standalone Asymchem division, and the executive leadership team will remain intact. Snapdragon’s lab and manufacturing facility expansion to support pilot-scale manufacture in Waltham, MA will continue. The deal is expected to close in Q2 2022, pending regulatory approval.