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China-based CDMO Asymchem acquires US-based chemical technology company Snapdragon.
Asymchem Laboratories, a contract development and manufacturing organization (CDMO) based in Tianjin, China, announced in a Feb. 11, 2022 press release that it 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 pharmaceutical 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," said Hao Hong, chairman and CEO of Asymchem Group, in the press release. "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."
Asymchem had invested in Snapdragon in 2020 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, according to the press release.
"We are thrilled to be joining Asymchem, a company that shares our passion for advancing chemical manufacturing technology," said Snapdragon president and CEO, 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 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 the second quarter of 2022, pending regulatory approval.
Source: Asymchem, Snapdragon Chemistry