MacroGenics announced that it has completed the sale of its good manufacturing practice (GMP) drug substance manufacturing operations to Bora Pharmaceuticals for $122.5 million before transaction fees, expenses, and customary post-closing adjustments.
As part of the completed transaction, Bora has assumed responsibility for MacroGenics’ manufacturing operations supporting both clinical and commercial production. The deal also includes the transfer of MacroGenics’ manufacturing facility in Rockville, Maryland, and its warehouse in Frederick, Maryland, to Bora.
Approximately 140 former MacroGenics employees have joined Bora as part of the transaction, providing continuity for the manufacturing operations.
In addition to the asset sale, the companies entered into a long-term supply agreement under which Bora will provide process development and drug substance manufacturing services to support MacroGenics’ internal pipeline of antibody-based therapeutics. The agreement allows MacroGenics to continue advancing its oncology-focused drug candidates while leveraging Bora’s manufacturing capabilities.
MacroGenics is a clinical-stage biopharmaceutical company developing antibody-based therapies for the treatment of cancer using its proprietary next-generation antibody technology platforms. Bora Pharmaceuticals is a global pharmaceutical manufacturing company that provides contract development and manufacturing (CDMO) services while also operating commercial pharmaceutical businesses.
Moelis & Company served as MacroGenics’ exclusive financial advisor on the transaction, while Sidley Austin LLP and Covington & Burling acted as legal counsel. Jones Day served as legal counsel to Bora Pharmaceuticals.
