MacroGenics Sells GMP Manufacturing Operations to Bora Pharmaceuticals for $122.5 Million
Key Insights
MacroGenics will receive $122.5 million upfront from Bora Pharmaceuticals (search) for the sale of its good manufacturing practice drug substance manufacturing operations.
The transaction includes transfer of FDA-approved facilities in Maryland with 11,000-liter capacity and approximately 140 employees to Bora.
MacroGenics will maintain access to manufacturing capabilities through a supply arrangement while focusing resources on advancing its cancer (search) therapeutic pipeline.
MacroGenics, Inc. announced a definitive agreement to sell its good manufacturing practice (GMP) drug substance manufacturing operations to Bora Pharmaceuticals (search) Co., Ltd. for $122.5 million upfront, marking a strategic shift for the clinical-stage biopharmaceutical company to focus on its cancer (search) therapeutic pipeline.
The transaction, announced on May 11, 2026, represents MacroGenics' commitment to building a more focused organization centered on advancing innovative antibody-based therapeutics. "This transaction supports that strategy by providing additional non-dilutive capital to accelerate our pipeline to key value inflection points in 2026 and beyond," said Eric Risser, President and Chief Executive Officer of MacroGenics.
Manufacturing Assets and Workforce Transfer
Under the Asset Purchase Agreement, Bora will acquire MacroGenics' manufacturing operations supporting both clinical and commercial production. The deal encompasses the Rockville, Maryland headquarters site, including an FDA-approved facility with total capacity of 11,000 liters, and the Frederick, Maryland warehouse facility.
Approximately 140 MacroGenics employees are expected to be hired by Bora as part of the transition. The companies will work jointly to ensure seamless service continuity for both MacroGenics and existing contract development and manufacturing organization (CDMO) clients.
Strategic Implications for Both Companies
For MacroGenics, the divestiture allows the company to maintain manufacturing access while redirecting capital toward its core mission. "This transaction will also allow the contract development and manufacturing organization operation to expand under Bora's ownership, while enabling MacroGenics to maintain access to an expanded array of development and manufacturing capabilities to support our current and future pipeline," Risser explained.
MacroGenics will retain manufacturing support through a supply arrangement with Bora for process development and drug substance production for its internal pipeline needs.
Bora's North American Expansion
The acquisition aligns with Bora Pharmaceuticals (search)' strategy to strengthen its North American biologics operations. "We are excited to integrate this high-quality Maryland manufacturing site and its talented workforce into our group's global CDMO effort," said Bobby Sheng, Chairman of the Bora Group.
The deal represents a key component of Bora's plan to expand its North American biologics operation under Bora Biologics. Combined with existing Drug Product operations in Baltimore, Bora aims to establish itself as a comprehensive partner for end-to-end clinical and commercial production of biologics drug substance and drug product.
Transaction Timeline and Advisory Services
The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions. Moelis & Company LLC served as exclusive financial advisor and Sidley Austin LLP provided legal counsel to MacroGenics. Jones Day served as legal counsel to Bora Pharmaceuticals (search).
MacroGenics focuses on developing innovative monoclonal antibody (search)-based therapeutics for cancer (search) treatment, generating its pipeline primarily from proprietary next-generation antibody-based technology platforms. Bora Pharmaceuticals (search), founded in 2007, operates under a "Dual Engine" model integrating CDMO and commercial expertise to serve pharmaceutical and biotech partners globally.