Snapdragon Chemistry announced that the previously announced acquisition by Asymchem will not proceed. Snapdragon and Asymchem were unable to agree to mitigation terms that would satisfy the U.S. Treasury's Committee on Foreign Investment in the United States (CFIUS).

"We are disappointed this deal was unable to be completed," said Snapdragon President and CEO Matthew Bio. "The goal of the deal was to expand domestic manufacturing capacity and be able to deliver a full range of drug development services to our clients. We remain committed to this goal. We have long enjoyed a productive relationship with Asymchem on behalf of our clients. We look forward to continuing to collaborate on current and future client projects."

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

"These continued investments in facilities and advanced manufacturing technology enable an accelerated path to clinic for our clients," said Bio. "We have an outstanding team, best-in-class technology, and a growing, loyal customer base. Despite the change in plan, I remain excited about our future."