Emergent agrees to sell Camden manufacturing site to Bora
The proposed $30 million transaction covers a Maryland sterile drug facility, equipment and a planned transfer of approximately 350 employees.
Emergent BioSolutions has agreed to sell its Baltimore-Camden drug product facility to an affiliate of Bora Pharmaceuticals for approximately $30 million. The agreement covers the site's assets, equipment and workforce. Approximately 350 Emergent employees are expected to join Bora through the transaction. Completion is expected in the third quarter of 2024, subject to the satisfaction or waiver of customary closing conditions.
Sterile manufacturing capabilities
The 87,000-square-foot Maryland facility offers clinical and commercial non-viral aseptic fill/finish services on four filling lines. Its capabilities include lyophilization, vial filling and pre-filled syringe filling. Bora plans to enhance the facility and offer existing Camden staff the opportunity to remain at the site as members of its team. Gibson Dunn advised Bora on the transaction.
Bora Group Chairman and CEO Bobby Sheng sees the agreement as a step in the company's North American expansion and a way to broaden its offering to biologics customers. The planned addition would complement Bora Biologics' development and manufacturing services by connecting drug substance and drug product capabilities. Sheng said the company intended to support existing and new customers while developing the facility.
Manufacturing network and transaction advisers
Emergent President and CEO Joe Papa linked the proposed divestiture to the company's plan to improve profitability, raise capital to reduce debt and create a leaner organisation. Emergent plans to streamline its broader manufacturing network around Lansing, Michigan, and Winnipeg, Canada. Truist Securities served as Emergent's financial adviser, while Covington & Burling LLP provided legal counsel.
The Camden agreement follows Bora's earlier 2024 purchase of Upsher-Smith Laboratories for $210 million. The Minnesota generics manufacturer has facilities in Plymouth and Maple Grove, with production spanning oral solid medicines, powders and liquids, alongside packaging. Bora's US expansion follows its established operations in Taiwan and Canada.
Emergent had announced plans in May to close its Baltimore-Bayview and Rockville facilities and lay off 300 employees as part of a restructuring intended to save up to $80 million.
About Emergent BioSolutions
- Vaccines and therapeutics for governments and consumers.
- Products addressing complex and urgent public health threats.
- Integrated development and manufacturing services for pharmaceutical and biotechnology customers.
Company and contact
Emergent BioSolutions Inc.
Media contact: Assal Hellmer, Vice President, Communications
[email protected]
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