Snapdragon Chemistry and Asymchem abandon planned acquisition

WALTHAM, Mass., September 9, 2022 /PRNewswire/ — Snapdragon Chemistry today announced that the previously announced acquisition by Asymchem will not proceed. Snapdragon and Asymchem were unable to agree on mitigation terms that would satisfy the US Treasury Committee on Foreign Investments in United States (CFIUS).

“We are disappointed that this agreement could not be completed,” said Snapdragon’s President and CEO. Matthew Biography. “The purpose of the agreement was to expand domestic manufacturing capability and be able to provide a full range of drug development services to our customers. We remain committed to this goal. We have a long and productive relationship with Asymchem on behalf of our customers. We look forward to continuing to collaborate on our clients’ current and future projects.”

The news comes at a time of substantial growth for Snapdragon. Snapdragon recently commissioned a new 51,000 square foot GMP R&D and manufacturing facility.

“These continued investments in state-of-the-art manufacturing facilities and technology allow our customers to get to the clinic faster,” Bio said. “We have an exceptional team, cutting-edge technology and a loyal and growing customer base. Despite the change in plan, I remain excited about our future.”

About Snapdragon Chemistry

Snapdragon Chemistry is a chemical technology company providing services to the pharmaceutical, biotechnology and fine chemical industries. Snapdragon’s corporate headquarters, R&D and manufacturing facilities are located at Waltham, MA.

Contact: David Tanklefsky
[email protected]

SOURCE Snapdragon Chemistry