Emergent BioSolutions announced that it completed the sale of a drug product facility in Maryland to an affiliate of Bora Pharmaceuticals.
The Gaithersburg, Maryland-based Narcan maker announced the sale of the facility to Bora in June. Bora paid approximately $30 million at closing for the facility, located in Baltimore-Camden. The site made up part of Emergent’s Contract Development and Manufacturing Organization (CDMO) and has clinical and commercial non-viral aseptic fill/finish services on four fill lines.
Bora and Emergent’s completed acquisition fell in line with projections for closing the deal in the third quarter of 2024.
With the closing of the transaction, Bora acquired the assets, equipment and workforce associated with the 87,000-square-foot manufacturing plant. Approximately 350 Emergent employees are expected to join Bora as part of the transaction.
“This milestone is a significant step forward in our multi-year plan to stabilize, turnaround, and transform Emergent,” said Joe Papa, president and CEO at Emergent. “We remain focused on building a customer-focused, leaner and more flexible organization, while we continue to execute our multi-year plan to improve overall profitability and raise capital to reduce our debt. We thank our Camden colleagues again for all of their contributions.”
For Emergent, Truist Securities served as financial advisor. Covington & Burling LLP served as legal counsel in connection with this transaction.
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