TEDA TIANJIN, China, Sept. 2, 2020
TEDA TIANJIN, China, Sept. 2, 2020 /PRNewswire/ -- Asymchem, a leading global CDMO service provider, announced a strategic investment in Snapdragon Chemistry, a private U.S. chemical technology company focused on the design and development of efficient and sustainable manufacturing processes for pharmaceutical applications. Asymchem led the investment round, along with the participation from Snapdragon's previous investors. The funding provides capital for Snapdragon to complete its expansion plan to build cGMP drug substance manufacturing suites.
"We are pleased to lead this investment round in Snapdragon to initiate our strategic collaboration," said Dr. Hao Hong, CEO of Asymchem. "Asymchem's strong technical capabilities and late-stage CDMO services, coupled with Snapdragon's advanced flow chemistry technology and suite of CDO services, creates a synergistic partnership that will enable us to provide fully integrated CDMO services moving forward. We believe this funding will increase Snapdragon's large pharmaceutical and biotech client base and allow us to transition clients from Snapdragon's early-stage services to Asymchem for late stage manufacturing and commercialization."
Matt Bio, CEO of Snapdragon Chemistry, commented "The combination of Snapdragon's technology and process development capabilities, along with Asymchem's expertise in clinical and commercial manufacturing will provide our clients with a complete solution to drug-development. The investment will also allow Snapdragon to accelerate the launch of a GMP manufacturing facility and continue to advance our technologies for process development."
This investment is another milestone in Asymchem's strategy of enhancing its integrated comprehensive service capability, improving its geographic footprint, and accelerating the delivery of an integrated service ecosphere for innovative medicines. As a CDMO service provider for over 20 years, Asymchem provides services to international and domestic markets and continuously expands its strategic reach.
Snapdragon Chemistry, a privately-owned chemical technology company based in Waltham, Massachusetts, is an expert in developing continuous manufacturing processes and providing manufacturing solutions to the pharmaceutical and fine chemical industries. For more information, please visit www.snapdragonchemistry.com.
Founded in 1999, Asymchem (stock code: 002821.SZ) is a leading global integrated Contract Development and Manufacturing Organization (CDMO) providing innovative drug R&D and manufacturing. Asymchem is supported by 5000 employees based in PR China, US, and EU. Our 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.
–No Financial Details Were Disclosed
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.