Formosa Laboratories, Inc., a leading API supplier and CDMO headquartered in Taiwan, has successfully completed its acquisition of SynChem, Inc., a contract research laboratory located in the suburbs of Chicago. The strategic move, finalized on June 3, 2024, aims to bolster Formosa’s contract development and manufacturing organization (CDMO) capabilities and expand its presence in North America.
The acquisition brings together SynChem’s expertise in delivering high-quality organic synthesis and process development services with Formosa’s extensive capabilities in scale-up, commercial GMP production, bio-conjugation, and injectable fill-finish operations. This synergy positions the combined entity, now operating as SynChem-Formosa, to offer comprehensive, fully GMP-compliant CDMO services to clients across the United States and internationally.
Chicago has long been recognized as a hub for the pharmaceutical and biotech industries, making it an ideal location for Formosa’s expansion. The city’s thriving life sciences ecosystem, which includes world-class research institutions, a skilled workforce, and a supportive business environment, has attracted numerous pharmaceutical and biotech companies in recent years.
The suburban Chicago location provides a strategic base for serving clients in the Midwest and beyond, complementing Formosa’s existing global presence. SynChem has established a strong reputation for its work with numerous pharmaceutical and biotech firms, particularly in the development of antibody-drug conjugate (ADC) payloads and linkers, further strengthening the region’s position as a center for innovation in the life sciences.
Dr. Cheng, Chairman and President of Formosa Laboratories, expressed his enthusiasm for the acquisition, stating that it represents a pivotal advancement in Formosa’s ongoing growth within the CDMO sector. He added that SynChem’s track record and expertise, combined with Formosa’s capabilities and the advantages offered by the Chicago area, position the company well for future growth and success.
Under the new ownership, Dr. W. Paul Mar will continue to serve as the CEO of SynChem-Formosa, overseeing the company’s operations and reporting directly to Dr. Cheng. Dr. Mar described the merger as an exciting new chapter for SynChem, emphasizing the company’s eagerness to leverage the merger and the benefits of its location to become a leading CDMO for small molecule APIs and ADCs in the United States.
As the pharmaceutical and biotech industries continue to evolve and innovate, the acquisition of SynChem by Formosa Laboratories demonstrates a commitment to providing comprehensive, cutting-edge CDMO services to clients worldwide. The strategic location in suburban Chicago, coupled with the combined expertise and capabilities of both companies, sets the stage for a promising future in the development and manufacture of life-saving therapies, further cementing the region’s status as a premier destination for pharmaceutical and biotech expansion.
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