Bora Pharmaceuticals has acquired Upsher-Smith Laboratories, a generics manufacturer based in Minnesota, for up to $210 million, pending approval.

Upsher-Smith, founded in 1919 and owned by the Japanese firm Sawai Group since 2017, has a portfolio of 48 generic products with manufacturing facilities in Plymouth and Maple Grove in Minnesota.

Combined, the two manufacturing facilities in Minnesota are capable of commercializing a broad range of dosage forms including oral solid, powders (both oral and topical), and liquid, as well as packaging. Through this acquisition, Bora not only gains additional capacity to support the CDMO business, but also completes its capabilities to serve customers throughout the value chain, covering the entire U.S. market.

Upsher-Smith’s product portfolio also enhances Bora’s commercial Rx business, TWi, in the U.S. In addition to an immediate revenue stream from a diversified portfolio of generic and branded generic products, Upsher-Smith will also offer TWi enhanced product development and marketing capabilities so that it can continue to broaden its suite of products and grow its U.S. commercial business.

“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 with regard to its CDMO business and commercial Rx business,” said Bobby Sheng, chairman and CEO of Bora Group. “Upsher-Smith’s competitiveness is a perfect match to Bora’s long-term growth—its newly-expanded, US FDA-approved manufacturing facilities, with a total capacity of 3.5 billion doses, will be Bora’s first local facility in the U.S., establishing a crucial stronghold for our global CDMO business.”