TEDA TIANJIN, China, Feb. 11, 2022 /PRNewswire/ -- 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 Asymchem'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. "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.
Founded in 1999, Asymchem is a leading global integrated Contract Development and Manufacturing Organization (CDMO) providing innovative drug R&D and manufacturing. Asymchem is supported by 7000 employees based in the P.R. China, the U.S. and EU. Its mission is to drive efficiency through continuous technological advances for smarter, greener and more cost-effective manufacturing to support pharmaceutical clinical research and commercialization, backed by a proven track record of successful agency and industry inspections. For more information, please visit www.asymchem.com.
About Snapdragon Chemistry
Founded in 2014 out of MIT and Boston University, Snapdragon Chemistry designs practical manufacturing solutions for challenging chemical processes. Snapdragon also designs technologies that enable efficient design and development chemical processes with enhanced process understanding. The company has partnered with clients from around the globe, from Fortune 100 to leading-edge startup companies, to deliver efficient, cost-effective, and robust solutions for fine chemical and pharmaceutical manufacturing. Snapdragon is headquartered in Waltham, MA. For more information, please visit www.snapdragonchemistry.com.
This press release contains projections and other forward-looking statements regarding future events or our future financial performance. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, are forward-looking statements. Actual results or developments may vary, depending on changes in the operating environment. Neither Asymchem nor its subsidiaries assume an obligation to update the forecasts, expectations or statements contained in this release.