(Yicai Global) Nov. 17 -- Shares in Asymchem Laboratories surged by the exchange-imposed daily limit today to hit a record high after the Chinese drug researcher said that two of its units have renewed drug development contracts with a large US client that will bring the total value of the deal to USD481 million.

Asymchem Lab’s share price [SHE:002821] closed up 7.03 percent at CNY446 (USD69). Earlier in the day it had surged 10 percent to reach a record CNY458.37.

Asymchem Lab has provided contract development and manufacturing organization services on an experimental small molecule drug for a US pharma firm, both of which remain unnamed for confidentiality reasons, for the last three years, the Tianjin-based company said.

Together with the latest order, it will bring Asymchem Lab’s revenue from the project to USD481 million. This client contributed 20 percent, or CNY638 million (USD100 million), of the firm’s revenue last year, it said.

Asymchem provides one-stop drug development services to clients both at home and abroad. It counts a number of big overseas pharma firms, including Merck, Eli Lilly and Pfizer, as its customers and last year they brought in revenue of CNY2.1 billion (USD328 million), according to its annual report.

Editor: Kim Taylor