MacroGenics completes sale of CDMO manufacturing business to Bora for $122.5 million

MacroGenics, Inc. (Nasdaq: MGNX) said it has completed the sale of its GMP manufacturing operations, including its CDMO business, to Bora Pharmaceuticals Co., Ltd. and Bora Biologics USA, LLC. The company reported the closing in a Form 8-K filed July 7, 2026. At closing the buyers paid MacroGenics $122.5 million, before transaction fees and expenses, and took over responsibility for the operations.

What was sold

Effective as of June 30, 2026, MacroGenics completed the sale of certain assets and liabilities tied to its GMP manufacturing operations, which the filing calls the "CDMO Operations." They run at the company's manufacturing facility at 9704 Medical Center Drive in Rockville, Maryland, and at related warehouse operations at 4735 Arcadia Drive in Frederick, Maryland. The sale excludes the company's research and related assets and operations.

The buyers are Bora Pharmaceuticals Co., Ltd., a company organized under the laws of Taiwan, and Bora Biologics USA, LLC, a Delaware limited liability company. The filing refers to them together as the Purchaser. The deal was carried out under an Asset Purchase Agreement dated as of May 11, 2026. The company filed that agreement as Exhibit 2.1 to an 8-K filed May 12, 2026, and the July filing refers readers to it for the complete terms.

The price is not final

The Purchaser paid $122.5 million at closing. The filing says that amount is before transaction fees and expenses and is subject to customary post-closing adjustments. So the cash MacroGenics keeps is not yet known.

The press release announcing the closing, dated July 2, 2026, is furnished as Exhibit 99.1 under Item 7.01 and is not treated as filed for purposes of Section 18 of the Securities Exchange Act of 1934. The 8-K also includes Exhibit 99.2, unaudited pro forma financial information. It consists of a pro forma consolidated balance sheet as of March 31, 2026 and pro forma statements of operations for the year ended December 31, 2025 and the three months ended March 31, 2026. Each gives effect to the disposition of the CDMO Operations.

What the company gives up

The company's annual report on Form 10-K, filed March 9, 2026, describes the Maryland facility as a commercial-scale cGMP antibody manufacturing facility at the company's headquarters. MacroGenics said in that report that it provides outsourced contract development and manufacturing services to collaborators and other third parties, which offsets a significant portion of the facility's operating costs. Once the sale closed, the buyers took over those operations.

The 10-K reports revenue of $149.5 million for 2025, against $150.0 million for 2024. It reports a net loss of $74.6 million for 2025, against $67.0 million for 2024, and cash used in operations of $81.0 million in 2025, against $68.4 million in 2024. It reports research and development expense of $147.2 million for 2025, down from $177.2 million for 2024.

In the 10-K, MacroGenics said it anticipates that its cash, cash equivalents and marketable securities as of December 31, 2025, combined with anticipated and potential future partner payments and savings from cost-reduction initiatives, should fund operations into late 2027. That is the company's own estimate, and it was made before the CDMO business, whose services offset part of the facility's costs, was sold.

The company's pipeline is made up of three proprietary clinical candidates: lorigerlimab, MGC026 and MGC028. It also collaborates with Gilead Sciences, Inc. on MGD024, and says its collaborations have provided over $1.6 billion of non-dilutive funding since its inception in 2000. The company describes itself as a clinical-stage biopharmaceutical company focused on antibody-based therapeutics for cancer.

Who is involved

Jeffrey Peters, Senior Vice President, General Counsel and Corporate Secretary, signed the 8-K on July 7, 2026.

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