The CDMO Asymchem Laboratories (Tianjin, China) Co., Ltd. has entered into an agreement to acquire Snapdragon Chemistry, a US-based chemical technology company.
Asymchem will pay $57.94 million to acquire Snapdragon, which focuses on early-stage chemical process development services for the pharma and fine chemicals industries.
“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, in a statement.
Asymchem began working with Snapdragon in 2020 with a strategic investment that enabled the latter firm to bolster its cGMP drug substance manufacturing capacity.
Snapdragon was founded in 2014 as a spin-off of MIT and Boston University.
The company will operate as a standalone entity and continue its plans to increase the size of its manufacturing facility in Waltham, Massachusetts.
In December, Asymchem announced that it had listed its shares on the Hong Kong exchange under the stock code 002821.SZ/6821.HK.