Bobby Sheng, Chairman of Bora Group, stated yesterday (11th) that after completing a series of mergers and acquisitions since 2022, this year marks a “harvest year” for the group. In addition to the parent company, Bora’s subsidiaries, including Tanvex BioPharma, which focuses on large molecule biologics, and SunWay Biotech, specializing in health supplements, will each initiate a new round of acquisitions and plant expansions. With these developments, Bora Group is expected to rank among the world’s top 10 Contract Development and Manufacturing Organizations (CDMO) this year.
Last year, Bora Group reported consolidated revenues of NT$19.25 billion, representing an annual growth of over 30%. Net income after tax reached NT$3.939 billion, up 29.9% year-on-year, with earnings per share at NT$38.69. Looking ahead to this year, following the merger of Bora Biologics into Tanvex BioPharma, Bora Pharmaceuticals anticipates disposal gains exceeding NT$2.5 billion, contributing approximately NT$25 per share in January alone. The group’s annual revenue is projected to challenge the NT$30 billion milestone in 2024.
Bobby Sheng noted that the integration of Upsher-Smith’s old and new manufacturing sites in the United States is in its final stages. The last remaining facility is expected to complete its relocation in the first half of this year, with some product lines being transferred back to Taiwan for production. Bora plans to retain the U.S. production lines to focus on high-margin product orders. As one of the top five oral tablet manufacturing sites in the U.S., the facility has already attracted clients hoping it will serve as their future centralized outsourcing base. Additionally, Bora’s sterile injectable plant in the U.S. is adding new production lines, expected to be operational in the third quarter of this year.
Bobby Sheng further announced that in addition to expanding the current injectable plant’s capacity, Bora Group is evaluating the acquisition of another injectable facility to handle future vaccine and antibiotic production orders. Upsher-Smith’s robust pharmaceutical platform will also expand this year with the purchase of several additional drug licenses. Tanvex BioPharma, which formed a strategic alliance with Bora last year, will take the lead in the group’s large molecule biologics strategy. Tanvex plans to invest NT$1 billion to add two new fermentation tanks, each with a 2,000-liter capacity, expected to begin production in 2026. Bora also looks to Tanvex to identify potential acquisition targets in the large molecule pharmaceutical space. Meanwhile, SunWay Biotech will not only bring its new plant online this year but will also actively explore new merger opportunities.
Bora Pharmaceuticals disclosed that it currently holds NT$5.8 billion in cash, with an untapped funding capacity of NT$7 to NT$8 billion. Due to prior acquisitions, the company ended last year with unconverted ECB and CB bonds and undistributed subsidiary profits, resulting in a debt ratio of 108% at year-end. However, with subsidiaries contributing profits and convertible bonds gradually being converted this year, Bora expects a significant reduction in its debt ratio. The company is also considering divesting idle factory properties in Tainan, Canada, and the U.S. after restructuring, with a long-term goal of maintaining its debt ratio below 60% to ensure financial stability.
Bobby Sheng emphasized that Bora currently manages nearly 10 manufacturing sites globally, but his ultimate vision is to oversee more than 20 to 30 facilities.
Resource: 保瑞：啟動新一波併購、擴廠 2025年有望躋身全球十大 CDMO 公司
