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MacroGenics Closes Sale of Manufacturing Operations to Bora Pharmaceuticals

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MacroGenics (MGNX) closed the sale of its good manufacturing practices drug substance manufacturing operations to Bora Pharmaceuticals for $122.5 million, the companies said Thursday.

The transaction includes MacroGenics' manufacturing site and warehouse in Maryland, with Bora also absorbing 140 employees, according to a statement.

Concurrently, the companies said they signed a supply agreement, under which Bora will support process development and drug substance production for MacroGenics' pipeline requirements.

MacroGenics shares rose more than 3% in Thursday trading.

Price: $4.78, Change: $+0.16, Percent Change: +3.35%

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