Bora Pharmaceuticals Acquires Baltimore Manufacturing Facility from Emergent

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The transaction, announced June 20, follows Bora’s purchase of Minnesota-based Upsher-Smith Laboratories earlier in 2024.

Bora Pharmaceuticals is expanding its North American footprint by agreeing to purchase an 87,000-square-foot sterile manufacturing facility previously owned by Emergent BioSolutions in Baltimore, Md. The sale, at a price of approximately $30 million, was announced by both companies on June 20, 2024 (1,2).

Founded in 2007 in Taiwan, Bora acquired Minnesota-based generics manufacturer Upsher-Smith Laboratories earlier in 2024, making the purchase of the Emergent property a second step in its US footprint (1).

The Baltimore location will be Bora’s first sterile manufacturing facility, offering non-viral, aseptic fill/finish services on four fill lines, which the company says include lyophilization, vials filling, and pre-filled syringe filling (1). About 350 current Emergent employees are expected to join Bora in the transaction (2).

Bora said the acquisition complements its development and manufacturing arm for biologics developers, Bora Biologics, which offers cell line, process, and formulation development, analytical services, and clinical current good manufacturing practice manufacturing (3).

The sterile injectable market is forecast to reach the neighborhood of $1 trillion by 2030 with a six-year compound annual growth rate of 10.17%, Bora said, citing a report by Research and Markets (4).


Executives from both Bora and Emergent applauded the move in their organizations’ respective press releases, which each referred to the area of the campus as Baltimore-Camden.

“This transaction not only demonstrates our commitment to our growth strategy and plans for expansion in North America, but also enables us to expand our offering for our biologics customers,” said Bobby Sheng, chairman and CEO of Bora Group, in the press release. “We look forward to working with the hugely talented team at the facility and supporting new and existing customers as we grow and develop the facility.”

“The decision to sell our Camden manufacturing facility is aligned with our multi-year plan to create a customer-focused, leaner, and more flexible organization, while we improve overall profitability and raise capital to reduce our debt,” Joe Papa, Emergent president and CEO, said in the release. “We are grateful to our dedicated colleagues who have embodied Emergent’s mission to protect and enhance life by delivering on our customers’ commitments. We are working to ensure a smooth transition to Bora, especially for our Camden team and valued customers, over the coming weeks and months."

Emergent added that the transfer of assets, equipment, and workforce is expected to close in the third quarter of 2024.


  1. Bora Pharmaceuticals. Bora Pharmaceuticals Expands North American Footprint with Agreement to Acquire First Sterile Manufacturing Facility. Press Release. June 20, 2024.
  2. Emergent. Emergent BioSolutions Announces Sale of Baltimore-Camden Manufacturing Site to Bora Pharmaceuticals for $30 Million. Press Release. June 20, 2024.
  3. Bora Pharmaceuticals. Biologics—Bora Pharmaceuticals Premium CMDO., 2024 (accessed June 20, 2024).
  4. Research and Markets. Global Sterile Injectable Drugs Market by Molecule Type (Large Molecule, Small Molecule), Drug (Blood Factors, Cytokines, Immunoglobulins), Indication, Distribution - Forecast 2024-2030., March 2024 (accessed June 20, 2024).