aibioMacroGenics completes sale of manufacturing operations to Bora for $122.5 million
Tickers MGNX
Bora Pharmaceuticals took over MacroGenics' Rockville manufacturing site and hired about 140 former employees. The $122.5 million price is before fees, and the 8-K says extra post-closing payments may not be earned or received.
Key facts
- Company
- MacroGenics, Inc. (NASDAQ: MGNX)
- News type
- Mergers
- Primary source
- MacroGenics, Inc. 8-K (2026-07-07)
MacroGenics, Inc. said it had completed the sale of its good manufacturing practice (GMP) drug substance manufacturing operations to Bora Pharmaceuticals Co., Ltd. (TWSE: 6472; OTCQX: BORAY). The announcement is dated July 2, 2026, and the company reported the closing in an 8-K filed July 7. Under the asset purchase agreement, Bora paid $122.5 million, before transaction fees and expenses and subject to customary post-closing adjustments. Bora has assumed responsibility for the manufacturing operations that support clinical and commercial production, effective July 2.
What changed hands
The transfer covers MacroGenics' manufacturing site in Rockville, Maryland, and its warehouse in Frederick, Maryland. Bora has hired about 140 former MacroGenics employees. The companies have also signed a supply agreement under which Bora will support process development and drug substance production for MacroGenics' internal pipeline. The 8-K's risk language also refers to a manufacturing and supply agreement and a transition services agreement that govern the arrangements after closing.
That matters because the company's own 10-K, filed in March, describes the Maryland plant as a commercial-scale cGMP antibody facility at its headquarters. MacroGenics used it for clinical programs and also sold outsourced development and manufacturing services to collaborators and third parties, which the company said offset a significant portion of the facility's operating costs. The plant is now Bora's, and MacroGenics will depend on Bora for drug substance for its own pipeline.
The price and the payments that may not arrive
The $122.5 million is the headline figure before fees and expenses, and it can change after closing. The 8-K also warns that "additional post-closing cash payments may not be earned or received, in whole or in part." The filing does not say how large those payments could be or when they would fall due.
Moelis & Company LLC was the exclusive financial advisor to MacroGenics. Sidley Austin LLP and Covington & Burling served as its legal counsel, and Jones Day was legal counsel to Bora.
A pipeline that is still early
MacroGenics describes itself as a clinical-stage company. Its lead proprietary candidate, lorigerlimab, is a bispecific DART molecule that blocks PD-1 and CTLA-4. The LINNET study of lorigerlimab in platinum-resistant ovarian cancer began in mid-2025 as a monotherapy trial. The 10-K says no new patients will be enrolled in LINNET until the FDA lifts a partial clinical hold.
MGC026, a B7-H3 antibody-drug conjugate, finished enrolling its Phase 1 dose escalation study in 2025, and the company said it expected to share initial results in mid-2026. MGC028, an ADAM9 antibody-drug conjugate in Phase 1 testing, is expected to report initial data in the second half of 2026. The company's three approved products are all partnered or sold. It out-licensed ZYNYZ, and it sold MARGENZA and TZIELD to partners. The 10-K says collaborations have brought in more than $1.6 billion of non-dilutive funding since 2000.
The numbers behind the sale
Revenue was $149.5 million in 2025, against $150.0 million in 2024. Research and development expense fell to $147.2 million from $177.2 million, but the net loss still widened to $74.6 million from $67.0 million. Cash used in operations rose to $81.0 million from $68.4 million. Cash and cash equivalents stood at $182.8 million at the end of 2024.
The sale brings in cash, but it also removes a facility the company had used to offset its own costs. The 8-K does not say what happens to the outside manufacturing business that the 10-K describes.
What the filing leaves open
The 8-K treats the sale as completed and lists risks tied to the post-closing arrangements with Bora. It names no timetable for the additional payments, and it gives no figure for what the company expects to receive beyond the $122.5 million. It also lists potential litigation relating to the transaction among its risks, without naming any suit.