Emergent BioSolutions (NYSE:EBS) stock is trading higher on Thursday after the company announced the sale of its facility in Baltimore-Camden to Bora Pharmaceuticals.

What Happened: On Thursday prior to the market open, Emergent BioSolutions announced it entered into a definitive agreement with Bora to sell the site for about $30 million.

Besides the acquisition of the site, about 350 Emergent employees are anticipated to join Bora.

The Baltimore-Camden site is a drug product facility that has clinical and commercial non-viral finish services across four fill lines, including lyophilization, formulation development, and additional support services.

"The decision to sell our Camden manufacturing facility is aligned with our multi-year plan to create a customer focused, leaner and more flexible organization, while we improve overall profitability and raise capital to reduce our debt," said Joe Papa, CEO at Emergent.

The transaction is expected to close in the 2024 third quarter.

Separately, Benchmark analyst Robert Wasserman maintains Emergent BioSolutions with a Buy and raises the price target from $5 to $8.

EBS Price Action: At the time of writing, Emergent BioSolutions is trading 6.85% at $6.47 per data from Benzinga Pro.

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