Asymchem Laboratories (Tianjin) Co., Ltd., a leading CDMO serving the global pharmaceutical and biotech industries, today announced that it has entered into an agreement to acquire Snapdragon Chemistry, Inc. a U.S.-based chemical engineering company that provides industry-leading expertise in continuous manufacturing and early-stage chemical process development for the pharmaceutical and fine chemical industries for $57.94 million. With this acquisition, Asymchem will significantly expand its presence in the U.S. and provide its customers with a seamless pathway from preclinical process research to commercial cGMP manufacturing.
“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 working together in the fall of 2020 when Asymchem announced a strategic investment in Snapdragon to expand its cGMP drug substance manufacturing suites and grow its large pharma and biotech customer base. This acquisition will further facilitate the transition of customer 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 stand-alone business unit of Asymchem and will continue the ongoing expansion of laboratory and manufacturing facilities with additional capacity to support larger pilot-scale production in Waltham, MA. The company’s leadership team will remain intact and will work with Asymchem’s leadership to support growth in 2022 and beyond.
The deal is expected to close in the second quarter of 2022, pending regulatory approval.
