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Bora Pharmaceuticals to Acquire US Pharma Manufacturer Upsher-smith for $210 Million in Transaction to Fuel Global Expansion

Wednesday, January 17, 2024

Bora Pharmaceuticals Co., Ltd. (“Bora” or “the Company”, TWSE: 6472), today announced that its Board of Directors has approved the acquisition of Upsher-Smith Laboratories, Inc. (“Upsher-Smith”), a generics manufacturer based in Minnesota, US, from shareholders, Sawai Group Holdings Co., Ltd. (JP), and Sumitomo Corporation of Americas, for a total consideration of up to US$210 million.

Upsher-Smith, founded in 1919 and owned by Sawai since 2017, has a diversified portfolio of 48 generic products with manufacturing facilities in Plymouth and Maple Grove, Minnesota. Upsher-Smith is highly respected in the industry and is recognized as a reliable partner with solid manufacturing capabilities, a robust distribution network, and established commercial relationships. 

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 US market. 

Upsher-Smith’s product portfolio also presents significant opportunities for Bora’s commercial Rx business, TWi, in the US. Upsher-Smith’s decades-long presence in the US generics market offers deep industry expertise and know-how, as well as a well-recognized and respected name.  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 US commercial business. 

Commenting on the acquisition, Bobby Sheng, Chairman and CEO of Bora Group, said, "This is a significant milestone for Bora Group, marking the most critical expansion of Bora’s presence in the US market and significantly enhancing Bora’s position as a global competitor with regard to its CDMO business and commercial Rx business.”

“Upsher-Smith’s competitiveness is a perfect match to Bora’s long-term growth – its newly-expanded, USFDA-approved manufacturing facilities, with a total capacity of 3.5 billion doses, will be Bora’s first local facility in the US, establishing a crucial stronghold for our global CDMO business.”

“Upsher-Smith’s platform for specialty generics will strengthen TWi’s advantage in the US commercial sale business with a complementary portfolio and differentiated distribution channels. We are confident, and also committed, to delivering another successful integration for accelerating Bora’s expansion and growth in the market.” 

The closing of the transaction is subject to customary regulatory approvals. Upon closing, Bora, via its wholly-owned subsidiary in the US, will acquire 100% equity interest of Upsher-Smith.

Transaction Highlights: 

  • This acquisition marks Bora’s inaugural acquisition in the US, signifying a pivotal expansion of Bora’s presence in the US market and creating substantial opportunities for Bora’s global CDMO business and commercial sale operations 
  • The acquisition provides Bora with its first local sites dedicated for its US-based and international CDMO customers. 
  • USL has established an attractive specialty generics business in the US, introducing a complementary portfolio and a differentiated sales channel to Bora’s commercial Rx business, TWi
  • The synergies realized through the integration of all the resources deployed by Bora will significantly accelerate its growth, propelling Bora to become a leading competitor in the pharma industry 

About Bora:

Founded in 2007, Bora Pharmaceutical Co., Ltd. (“Bora” or “the Company”, 6472.TW) now is the largest pharmaceutical manufacturer in Taiwan with well-connected global distribution to supply more than 100 countries around the world. Headquartered in Taiwan, Bora has dedicated itself to become a global leader in pharmaceutical manufacturing by offering its clients with best quality, efficiency and reliability. For more information, visit

About Upsher-Smith: 

Upsher-Smith Laboratories, LLC is a trusted U.S. pharmaceutical company that strives to improve the health and lives of patients through an unwavering commitment to high-quality products and sustainable growth. We bring generics and brands to a wide array of customers, always backed by our attentive level of service, our strong industry relationships, and our dedication to uninterrupted supply. For more information, visit

Daniel McIver
Newcastle, UK
Sunco House, 5 Carliol Square,
Newcastle upon Tyne, NE1 6UF
Office: +44(0)191 222 1242
United Kingdom | Canada | United States



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