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Through the agreement, Bora will obtain ownership of the entire Mississauga site, including all facilities, under the proper regulatory clearances.
GlaxoSmithKline (GSK) and Bora Pharmaceuticals, a Taiwan-based pharmaceutical company, announced on March 9, 2020 that they have entered into an agreement under which Bora will acquire GSK's Mississauga, Ontario, Canada facility.
Through the agreement, Bora will obtain ownership of the entire Mississauga site, including all facilities, under the proper regulatory clearances, a Bora press release said. Bora will also continue to manufacture GSK’s existing product line of 50 different products for a minimum of five years under the agreement.
"We are excited to announce today the next phase of our expansion into North America with the acquisition of this world-class facility and we look forward to welcoming the Mississauga manufacturing employees, whom we view as the most significant asset in this transaction, into our business," said Bobby Sheng, CEO of Bora Pharmaceuticals, in the press release. "The Mississauga-based facility is ideally suited with our intention to grow our technical capabilities and scale in the global contract development and manufacturing organization (CDMO) marketplace."
Additionally, GSK’s manufacturing staff from the Mississauga site have been invited to join Bora in the wake of the acquisition.
"Our priority is to support our employees through the transition and consult with them along the way, in partnership with Bora,” said Andrew Ehrat, Mississauga site director for GSK in Canada, in the press release. “We expect to complete the transaction no later than the end of 2020, and in the meantime, we remain wholly committed to maintaining a business which runs safely and efficiently in the best interest of patients."