MacroGenics, Inc. has completed the sale of its good manufacturing practice (GMP) drug substance manufacturing operations to Bora Pharmaceuticals Co., Ltd. for $122.5 million. The transaction, effective July 02, 2026, allows MacroGenics to focus on its core clinical-stage biopharmaceutical development while Bora assumes responsibility for manufacturing operations supporting clinical and commercial production.

Under the terms of the Asset Purchase Agreement, the purchase price of $122.5 million is subject to customary post-closing adjustments and excludes transaction fees and expenses. As part of the deal, MacroGenics' manufacturing site in Rockville, Maryland, and warehouse in Frederick, Maryland, have been transferred to Bora. Additionally, approximately 140 former MacroGenics employees have been hired by Bora to support the transferred operations.

MacroGenics has entered into a supply agreement with Bora to ensure continuity for its internal pipeline needs. Under this agreement, Bora will provide process development and drug substance production services. This arrangement aims to maintain the quality and efficiency of manufacturing support for MacroGenics' proprietary antibody-based therapeutics.

The transaction involved several advisory and legal firms. Moelis & Company LLC served as the exclusive financial advisor to MacroGenics. Sidley Austin LLP and Covington & Burling acted as legal counsel to MacroGenics, while Jones Day provided legal counsel to Bora Pharmaceuticals.

Transaction Details

MacroGenics is a biopharmaceutical company focused on developing innovative antibody-based therapeutics for the treatment of cancer. Bora Pharmaceuticals is a global leader in pharmaceutical manufacturing, operating under a "Dual Engine" model that integrates contract development and manufacturing organization (CDMO) and commercial expertise.

MacroGenics, Inc. will receive a $24.5 million regulatory milestone payment from Sanofi following the U.S. Food and Drug Administration’s (FDA) accelerated approval of TZIELD® (teplizumab-mzwv). The approval expands the indication to delay the decline in endogenous insulin production in children aged eight to 17 years recently diagnosed with stage 3 type 1 diabetes (T1D). This development enhances the therapeutic potential of TZIELD as a disease-modifying therapy for type 1 diabetes.

Under the terms of the agreement between MacroGenics and Sanofi, the recent FDA approval triggered the $24.5 million regulatory milestone payable to MacroGenics. The payment reflects the expanded regulatory clearance for the product in a younger patient demographic.

Future Financial Obligations

MacroGenics remains eligible to receive up to $305 million in additional milestone payments related to the TZIELD program. Furthermore, the company retains the right to receive a single-digit royalty on global net sales above a specified annual threshold.