Ashurst represents SYNthesis med chem on US80 million sale of its CRO business
25 September 2021
Global law firm Ashurst has advised SYNthesis med chem Pty Limited, an Australian company, on the sale of its 100% equity interest in its wholly-owned subsidiary, SYNthesis med chem (Hong Kong) Limited. The subsidiary business is a contract research organisation (CRO) carrying out research and development of new preclinical small molecule drugs with operations in China, Australia, UK and US.
The sale comes as Chinese pharmaceutical companies are increasing their spend on the development of new drugs. This creates increased demand for the services of sophisticated CROs that possess the necessary R&D capabilities. The increased demand then drives M&A and consolidation in the CRO industry. This transaction is a prime example of this trend. After the sale of its CRO business, SYNthesis med chem will focus on its own drug development business.
Lead partner Michael Sheng commented:
"It has been a real joy to work together with SYNthesis med chem on the sale of its CRO business. This sale will enable the client to pursue and grow its other high-potential businesses and represents a major milestone in its development."
The Ashurst team was led by partner Michael Sheng, who was assisted by counsel Daniel Öhvall and lawyer Chloe Xiang (Ashurst Shanghai). Partners Frank Bi, Chin Yeoh, Kylie Lane, Ken Nguyen, James Fletcher, senior associate Peter Allen and lawyer Roger Dong also advised on local law matters.
