Asymchem in Proposed Land Agreement for $700-M Mfg Site in China
Asymchem, a Tianjin, China-based CDMO of small-molecule active pharmaceutical ingredients (APIs) and intermediates and drug products, has entered into a proposed agreement for a transfer of land in Taixing, Jiangsu Province, China, to construct a proposed R&D and production facility for chemical raw materials, small-molecule APIs and drug products, in a project worth between CNY 4 billion and CNY 5 billion ($560 million and $700 million).
The proposed production facility would be located in the Taixing Economic Development Zone, Jiangsu Province, China. The proposed land-transfer agreement is with the Management Committee of the Taixing Economic Development Zone for a land area of approximately 400 mu (66 acres). The Jiangsu Taixing Economic Development Zone is a provincial development zone and one of the 15 major parks developed by Jiangsu Province.
The proposed facility is for R&D and production of chemical raw materials and small-molecule drug-substances as well as for small-molecule drug products, drug R&D, and other technologies. The detailed terms and conditions of the project are still subject to final approval and certification by relevant authorities. Asymchem announced the proposed project through a notification on the Hong Kong Stock Exchange.