Asymchem Laboratories (Tianjin) Co., Ltd. (stock code: 002821.SZ/6821.HK) (“Asymchem”), a leading CDMO serving the global pharmaceutical and biotech industry, today announced its agreement to acquire Snapdragon Chemistry, Inc., a US-based chemical technology company providing industry-leading expertise in continuous manufacturing and early-stage chemical process development services to the pharmaceutical and fine chemical industries for US $57.94 million.
This addition will significantly expand the company’s footprint in the US, offering customers a seamless path from preclinical process R&D through commercial cGMP manufacture.
“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,” said Dr. Hao Hong, Chairman & CEO of Asymchem Group.
He added, “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 two companies began collaborating in the Fall of 2020 when Asymchem announced a strategic investment in Snapdragon to help expand its cGMP drug substance manufacturing suites, as well as increase its large pharmaceutical and biotech client base. This acquisition will further streamline the transition of clients’ projects from early to late-stage manufacturing and commercialization.
“We are thrilled to be joining Asymchem, a company that shares our passion for advancing chemical manufacturing technology,” said Snapdragon President and CEO, Dr. Matthew Bio. “Asymchem truly understands that commitment and we look forward to continuing to develop the high-quality solutions we are known for in their integrated service ecosystem.”
Snapdragon will operate as a standalone Asymchem division, and continue with its ongoing lab and manufacturing facility expansion with additional capacity to support larger, pilot scale manufacture in Waltham, MA. The company’s executive leadership team will remain intact, while working with Asymchem leadership to sustain growth in 2022 and beyond.
The deal is expected to close in the second quarter of 2022, pending regulatory approval.