Date: Mar 10, 2020
By: Eric Palmer
Bora Pharmaceuticals is buying a GlaxoSmithKline consumer plant in Canada. In 2018, it acquired a 400,000-square-foot sterile manufacturing plant in its home country of Taiwan from Impax Laboratories. Bora paid $18.5 million for the facility while Impax took a $74.1 million impairment charge on the deal. (Bora Pharmaceuticals)
The recent GlaxoSmithKline and Pfizer consumer joint venture intends to sell off £1 billion worth of assets to raise some cash for operations and is losing no time in doing so. A plant in Canada with 400 employees is now on the front line of that effort while giving a Taiwan-based CDMO a North American manufacturing foothold.
GSK and Bora Pharmaceuticals announced the deal Monday, saying they expect to close the sale of the consumer products plant by year-end. The 400 plant employees are being offered positions with Bora, while GSK employees on the commercial side housed in offices at the facility will transfer to other GSK sites. [FULL STORY]