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Several approaches have been proposed for the syntax-directed compilation of asynchronous circuits from high-level specification languages, such as Balsa and Tangram. Both compilers have been successfully used in large real-world applications; however, in practice, these methods suffer from significant performance overheads due to their reliance on straightforward syntax-directed translation. This paper introduces a powerful new set of transformations, and an extended channel-based language to support them, which can be used an optimizing back-end for Balsa. The transforms described in this paper fall into two categories: resynthesis and peephole. The proposed optimization techniques have been fully integrated into a comprehensive asynchronous CAD package, Balsa. Experimental results on several substantial design examples indicate significant performance improvements.