SHENZHEN, China, Nov. 18, 2016 /PRNewswire/ -- Asymchem Laboratories (Tianjin) Co., Ltd., a leading contract manufacturer of Active Pharmaceutical Ingredients, today announced its Initial Public Offering (IPO) of 28,215,875 shares of A-share stock at a price of 30.53 per share. The offering is anticipated to raise approximately 861.43 million of proceeds, which Asymchem intends to use for existing business. The listing began trading on the Shenzhen Stock Exchange under the symbol "002821".
Dr. Hao Hong, Chairman and CEO of Asymchem said: "I am confident that today marks the beginning of an important and exciting chapter for Asymchem. The driven team that I have the privilege of leading, together with the strengthening of our capital position today, will enable us to make Asymchem a clear leader in CMC contract manufacturing in the pharmaceutical industry worldwide."
"Becoming a listed company is an important milestone for Asymchem, and also a successful example of commercial capital operations support in Tianjin City," said Mr. Qingmin Yan, Deputy Mayor of Tianjin, at the bell ringing ceremony.
About Asymchem Group
Asymchem is a custom synthesis CMC contract manufacturer of cGMP intermediates and API's for the global pharmaceutical industry, providing compliant and sustainable manufacturing solutions worldwide over the lifecycle of a drug. Founded in 1995, USFDA and TGA inspected.
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SOURCE Asymchem Laboratories (Tianjin) Co., Ltd.