Taiwan-based CDMO Bora Pharmaceuticals is expanding its business in the United States, acquiring Minnesota generics manufacturer Upsher-Smith Laboratories for $210 million.
Upsher-Smith, which was established in 1919, brings two manufacturing facilities that are five miles apart in the suburbs of Minneapolis. These become Bora’s first facilities in the U.S.
Bora also has a 170,000 square meter plant in Mississauga, Ontario, which acts as its North America headquarters.
Upsher-Smith produces a portfolio of 48 generic products. Its plants can handle packaging and a range of formulations including oral solids, liquids and topical powders. The sites have a total annual capacity of 3.5 billion doses.
“This is a significant milestone for Bora Group, marking the most critical expansion of Bora’s presence in the U.S. market and significantly enhancing Bora’s position as a global competitor,” Bora CEO Bobby Sheng said in a release.
The acquisition also supports Bora's commercial prescription business, TWi, which it bought out in September of 2022, according to Bora's release.
This is the second sale of Upsher-Smith in seven years. In 2017, Sawai Pharmaceuticals of Japan gained the company to bolster its presence in the U.S.
Sawai now is selling off the subsidiary after the “business environment became increasingly complex” and recording “significant impairments of goodwill and other assets” in March of 2022.
Last year, Upsher-Smith closed its plant in Colorado and completed a $100 million expansion of its facility in Maple Grove, Minnesota.
Bora, which is the largest manufacturer of pharmaceuticals in Taiwan, has two plants in the country.
“The synergies realized through the integration of all the resources deployed by Bora will significantly accelerate its growth, propelling Bora to become a leading competitor in the pharma industry,” the company said in its release.