Emergent BioSolutions this week announced it entered into a definitive agreement to sell its Baltimore-Camden drug product facility.

The Gaithersburg, Maryland-based company will sell the facility to an affiliate of Bora Pharmaceuticals for approximately $30 million.

Emergent’s Camden site is part of the company’s Contract Development and Manufacturing Organization (CDMO) and has clinical and commercial non-viral aseptic fill/finish services on four fill lines. Approximately 350 Emergent employees are expected to join Bora as part of the transaction.

“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,” President and CEO Joe Papa said in a news 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.”

The sale aims to improve Emergent’s cost structure and performance by streamlining the broader manufacturing network to Lansing, Michigan, and Winnipeg, Canada. It follows Emergent’s recently announced strategic operational changes to stabilize its financial position.

“Executing this transaction is part of our strategic efforts to ensure long-term sustainability and growth at Emergent and enables us to focus on core areas of opportunity more aligned with the company’s future,” Papa said.

Emergent and Bora’s agreement includes transferring assets, equipment and workforce associated with the Baltimore-Camden facility. Subject to customary closing conditions, it is expected to close in the third quarter of 2024.