Chinese Purchase of US Drug Firm Fails Under CFIUS Scrutiny

U.S.-based Snapdragon Chemistry, a drug services company, said China-based pharmaceutical firm Asymchem won't acquire it after the companies failed to receive approval from the Committee on Foreign Investment in the U.S. The two companies, which first announced the acquisition in February, were “unable to agree to mitigation terms that would satisfy” CFIUS, Snapdragon said this month. “We are disappointed this deal was unable to be completed," Snapdragon CEO Matthew Bio said. "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.”