Taiwan-based Bora Pharmaceuticals (TWSE: 6472; OTCQX: BORAY) has agreed to acquire the GMP manufacturing operations of MacroGenics (Nasdaq: MGNX) for USD 122.5 million, plus a contingent consideration of up to USD 5 million tied to future customer order performance. The transaction expands Bora's North American biologics contract manufacturing footprint and is intended to support an end-to-end drug substance and drug product platform under the Bora Biologics brand, operated in coordination with Taiwanese affiliate Tanvex BioPharma (TWSE: 6541).
The USD 122.5 million base consideration is subject to customary working capital adjustments, bringing the maximum total deal value to USD 127.5 million. Upon closing, Bora will enter a long-term CDMO service agreement with MacroGenics, retaining the seller as an anchor customer. The transaction includes a biologics drug substance manufacturing facility in Rockville, Maryland, and an associated warehousing center in Frederick, Maryland. Financial terms beyond the stated consideration were not disclosed, and no royalty or milestone payments linked to therapeutic programs were part of the deal structure.
The Rockville facility has operated as a contract manufacturing site since 2022 and is equipped with five 2,000-liter and two 500-liter single-use bioreactors, along with fully integrated quality control and analytical laboratories. The site has been inspected by both the US FDA and Japan's Pharmaceuticals and Medical Devices Agency. Commercial manufacturing accounts for more than half of the site's current revenue, and Bora is expected to assume an existing backlog that includes commercial-stage monoclonal antibody programs and clinical-stage programs. MacroGenics reported contract manufacturing revenue of USD 52.6 million for the year ended December 31, 2025. With the addition of the Rockville site, Bora Biologics' total drug substance capacity in single-use bioreactors would reach 20,000 liters. The company said it intends to integrate drug substance and drug product capabilities across its network over the next 12 to 18 months.