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The acquisition marks a pivotal expansion for the company into the US market.
Taiwan’s largest pharmaceutical manufacturer, Bora Pharmaceuticals, has announced the approval by its Board of Directors for the acquisition of generics manufacturer, Upsher-Smith, which is based in Minnesota, USA, for a total of $210 million.
According to a Jan. 16, 2024 press release, this acquisition—the inaugural one for Bora in the US—marks a pivotal expansion for the company into the US market. Additionally, the acquisition creates additional capacity for Bora’s global contract development and manufacturing organization (CDMO) business and also completes the company’s capabilities to serve its customers throughout the entire value chain.
Upsher-Smith has two manufacturing facilities in Minnesota, one located in Plymouth and the other in Maple Grove. In combination, the two facilities are able to commercialize a broad range of dosage forms, including oral solid, powders, and liquids, in addition to packaging. Furthermore, the acquisition provides opportunities for Bora’s commercial sales operations in the US, TWi, through enhanced product development and marketing capabilities.
“This is a significant milestone for Bora Group, marking the most critical expansion of Bora’s presence in the US market and significantly enhancing Bora’s position as a global competitor with regard to its CDMO business and commercial Rx business,” said Bobby Sheng, chairman and CEO of Bora Group, in the press release. “Upsher-Smith’s competitiveness is a perfect match to Bora’s long-term growth—its newly-expanded, USFDA-approved manufacturing facilities, with a total capacity of 3.5 billion doses, will be Bora’s first local facility in the US, establishing a crucial stronghold for our global CDMO business.”
Closure of the acquisition is subject to the usual regulatory approvals. Once the deal has been officially closed, Bora will acquire 100% of Upsher-Smith through its wholly owned US subsidiary.