Asymchem Laboratories, a contract growth and manufacturing group (CDMO) based mostly in Tianjin, China, has agreed to accumulate Snapdragon Chemistry, a US-based chemical expertise firm offering experience in steady manufacturing and early-stage chemical course of growth providers to the pharma and high-quality chemical industries. The $57.94 million acquisition will broaden Asymchem’s footprint within the US.
“We consider steady move manufacturing is a revolutionary expertise and represents the way forward for pharmaceutical manufacturing, not solely producing benefits to course of security and price, but additionally bringing great environmental advantages,” says Hao Hong, chairman and CEO of Asymchem Group. “Asymchem has been deeply dedicated to move chemistry expertise growth and its utility enlargement within the pharmaceutical business for greater than a decade. We’re excited that this strategic acquisition will additional strengthen our capabilities in steady manufacturing, in addition to broadening our service scope and shopper pool.”
The enterprise relationship dates again to 2020, when the CDMO invested in Snapdragon so as to assist broaden its present good manufacturing observe drug substance manufacturing capabilities. The acquisition will additional streamline the transition of shoppers’ initiatives from early to late-stage manufacturing and commercialization, the concerned events observe.
Snapdragon will function as a standalone Asymchem division, and the chief management crew will stay intact. Snapdragon’s lab and manufacturing facility enlargement to help pilot-scale manufacture in Waltham, MA will proceed. The deal is predicted to shut in Q2 2022, pending regulatory approval.