Bora Pharmaceuticals’ $30M Emergent Acquisition Marks A Boost for Baltimore’s Biomanufacturing Sector
The sale of Emergent’s Baltimore-Camden Facility secures 350 jobs for the City.
June 21, 2024
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In a strategic move poised to enhance Baltimore’s biomanufacturing landscape, Emergent BioSolutions Inc. has finalized a $30 million deal to sell its Baltimore-Camden drug product facility to Bora Pharmaceuticals Co., Ltd. This sale, announced on June 20, 2024, signifies a significant sign of stabilization for the region’s biotech manufacturing capabilities and employment landscape.
Emergent BioSolutions, headquartered in Gaithersburg, MD, has embarked on a multi-year plan to streamline operations and improve profitability. Joe Papa, Emergent’s President and CEO, stated, “The decision to sell our Camden manufacturing facility is aligned with our plan to create a customer-focused, leaner, and more flexible organization.” This move is expected to support Emergent’s efforts to stabilize its financial position and focus on core areas aligned with its future strategy.
Bora Pharmaceuticals is a global leader in pharmaceutical manufacturing services, headquartered in Taiwan with a strong presence across North America and Asia. Bora specializes in a range of services including non-viral aseptic fill/finish, lyophilization, and formulation development. With the acquisition of the Baltimore-Camden site, Bora aims to expand its footprint in the U.S., leveraging the facility’s advanced capabilities to enhance its service offerings and market reach.
Growing Biomanufacturing Capacity
The acquisition includes the transfer of approximately 350 Emergent employees to Bora Pharmaceuticals. This transition not only retains valuable local talent but also promises to inject new job opportunities into Baltimore’s economy. With Bora’s extensive experience in pharmaceutical services, the Baltimore-Camden facility is expected to thrive under its new management, and remain a vital part of the region’s biotech community.
Baltimore has been working to emerge as a key player in the biotech manufacturing sector, and is currently waiting to hear about a potential EDA Grant as a TechHub for Biomanufacturing and AI. The city’s strategic location, coupled with its rich history in medical research and proximity to prestigious institutions like Johns Hopkins University, makes it an attractive hub but it has suffered in recent years from facility closures, layoffs and companies leaving the region. This acquisition is a substantive step towards a stronger future ahead.
According to the Maryland Life Science Report by CBRE, Maryland boasts over 17 million square feet of life science space with a low vacancy rate of 6.1%. The state’s commitment to expanding its biomanufacturing capacity is evident, with significant ongoing construction and development projects aimed at bolstering this sector.
Baltimore’s biomanufacturing sector is on an upward trajectory. By the end of 2025, Maryland’s advanced therapies manufacturing capacity is projected to surpass 2.6 million square feet, driven by both CDMO and in-house expansions. This growth is expected to create over 2,400 new biomanufacturing jobs, a substantial increase from the current workforce.
Why This Sale is Good for Baltimore
- Economic Boost: The acquisition by Bora Pharmaceuticals is a testament to the growing confidence in Baltimore’s biotech sector. This deal is likely to attract further investments, fostering economic growth and stability.
- Job Retention and Creation: The transition of 350 employees to Bora ensures job security while paving the way for additional employment opportunities in the future.
- Enhanced Biomanufacturing Capabilities: Bora’s expertise in pharmaceutical services will enhance the facility’s capabilities, positioning Baltimore as a leader in non-viral aseptic fill/finish services.
The sale of the Baltimore-Camden facility is more than just a business transaction; it’s a strategic move that highlights Baltimore’s rising prominence in the biomanufacturing arena. With robust infrastructure, a skilled workforce, and ongoing support from industry stakeholders, Baltimore is well on its way to becoming a central hub for biomanufacturing excellence.
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