Although pharmaceuticals and semiconductors were exempted from the recent “reciprocal tariff” executive order announced by U.S. President Donald Trump, biotech industry players remain cautious. Many believe that over the long term, tariff risks still loom. To mitigate potential impacts and secure future competitiveness, companies with manufacturing facilities in the United States are poised to become the biggest winners. Firms like Bora Pharmaceuticals, Easywell Biomedicals, and Carlsbad Technology have already gained new clients, highlighting a growing trend of cross-border collaboration.
Bora Pharmaceuticals has significantly strengthened its U.S. presence through a series of acquisitions in 2024, including Upsher-Smith Laboratories, Minnesota’s largest pharmaceutical manufacturer; Emergent BioSolutions’ sterile injectable plant in Camden, Maryland; and rare disease drug developer Pyros Pharmaceuticals in New Jersey. Additionally, through a share swap, Bora became the largest shareholder of Tanvex BioPharma. With a comprehensive production footprint in the U.S. spanning oral solid dosage forms, injectables, and biologics, Bora has seen a steady rise in CDMO (contract development and manufacturing organization) orders.
Chairman Bobby Sheng noted that based on current scale and organic growth, Bora is on track to become one of the world’s top ten CDMO providers this year. The company’s acquisition strategy remains unchanged. However, given the current injectable plant’s limited capacity—insufficient to handle large-volume orders like vaccines or antibiotics—Bora does not rule out further acquisitions in this area. Meanwhile, Tanvex is targeting biologics-focused M&A opportunities, and MorningSun Biotech is also exploring partnerships to expand its operational footprint in the same sector.
Standard Chem & Pharm has also continued to deepen its investment in Easywell. After initially investing in 2021, the company increased its stake in March by participating in Easywell’s private placement at NT$58.36 per share, with a total investment of NT$99.21 million. Standard now holds 6.79 million shares of Easywell, or a 5.45% stake.
Easywell acquired U.S.-based Magnifica in 2013, a company focused on generic drugs and 505(b)(2) new formulations. With its TULEX facility in New Jersey serving as its production base, Easywell now operates two key technology platforms with competitive advantages: controlled-release formulations and particle micronization. These capabilities have attracted considerable interest from other pharmaceutical companies seeking co-development opportunities.
YungShin Global Holding Corporation’s U.S. subsidiary, Carlsbad Technology, specializes in oral solid dosage forms such as capsules and tablets. The company already offers 12 marketable products and reaches 92% of distribution channels across the U.S., with an annual production capacity of up to 700 million units.
Capitalizing on the advantages of U.S.-based manufacturing, Anxo Pharmaceutical has signed a commercialization agreement with Carlsbad Technology for a cardiovascular drug, aiming to tap into the U.S. generic drug market valued at over $270 million.
According to the agreement, Anxo will handle formulation development, while Carlsbad Technology will oversee local regulatory submissions, manufacturing, and sales. Both parties will share development costs and divide profits from post-launch sales.
With over 30 years of manufacturing presence in the U.S., Carlsbad Technology operates a fully integrated production-to-sales model. It holds pharmaceutical licenses in all 50 states and supplies the top three U.S. pharmaceutical distribution channels, which together command over 90% market share. It is currently the only California-based pharmaceutical company with both manufacturing and end-market sales capabilities.
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