Bora Pharmaceuticals completes acquisition of former GSK facility
Bora Pharmaceuticals Co., Ltd announced today that the contract development and manufacturing organization (CDMO) has successfully completed the acquisition of GSK’s Mississauga, Ontario (Canada) facility.
Initially announced in March 2020, the site represents Bora Pharmaceuticals’ first manufacturing facility in North America and will become home to its North American headquarters.
Establishing the Mississauga site as a core part of the CDMO’s global manufacturing network is part of a long-term growth strategy that has seen Bora Pharmaceuticals complete three M&A deals in the past five years.
“Completing the acquisition marks a major step in our expansion into North America, bringing us closer to many of our current and future customers.” said Bobby Sheng, CEO of Bora Pharmaceuticals. “The Mississauga site strengthens our existing state-of-the-art manufacturing network, broadening our capabilities and almost doubling our number of talented colleagues, so that we can continue to support the current and future needs of our customers.”
Through this acquisition, Bora Pharmaceuticals broadens its range of dosage forms and becomes one of the leading global suppliers of formulation development and manufacturing services.
The addition of the site enables Bora Pharmaceuticals to produce 50 different products to 100 markets worldwide. The transaction includes a minimum five-year supply agreement with GSK.
Interest has already been expressed in Bora Pharmaceuticals’ capabilities in the region, with the company confident that its international reputation will help strengthen Canada’s medicines supply chain.
“Our government is proud that Bora chose Ontario for this significant investment. We have a world-class life sciences sector, and this new investment by Bora will strengthen it even further,” said Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade. “Our workforce is the best in the world, and certainly up to the challenge of helping Bora grow and thrive here in Ontario.”
“By choosing Mississauga for its flagship North American facility, Bora Pharmaceuticals has reinforced what so many other notable companies already know – that the life sciences sector is thriving in our City and it’s the perfect location to call home,” said Mayor Bonnie Crombie. “As the second largest life sciences sector in Canada, the talent pool of scientists, experts and engineers in Mississauga is driving technologies and innovations used worldwide. I’m thrilled to welcome Bora Pharmaceuticals to this illustrious group.”
Whilst the company will retain the vast majority of the workforce at the site, Bora Pharmaceuticals plans to hire additional employees to further strengthen its technical and operational team in line with its growth plans.
The Mississauga location will help Bora Pharmaceuticals develop its growing customer base in North America, following on from the opening of its US offices in Delaware during 2019.