Emergent BioSolutions Inc.  announced it has completed the sale of its drug product facility in Baltimore-Camden to an affiliate of Bora Pharmaceuticals Co., Ltd. (“Bora”, TWSE: 6472). Emergent received approximately $30 million at closing, which is subject to customary post-closing adjustments.

With the transaction closed, Bora has acquired the assets, equipment, and workforce associated with the 87,000 square foot Baltimore-Camden manufacturing facility.

“This milestone is a significant step forward in our multi-year plan to stabilize, turnaround, and transform Emergent,” said Joe Papa, President and CEO at Emergent. “We remain focused on building a customer-focused, leaner and more flexible organization, while we continue to execute our multi-year plan to improve overall profitability and raise capital to reduce our debt.   We thank our Camden colleagues again for all of their contributions.”

For Emergent, Truist Securities served as financial advisor, and Covington & Burling LLP served as legal counsel in connection with this transaction.