Bora Pharmaceuticals Co. announced plans to establish a Level 1 American Depositary Receipt program on the US over-the-counter market, positioning itself to become the first Taiwanese listed company to pursue this structure. The drug manufacturer expects trading to commence in the first quarter of 2026, pending approvals from Taiwan’s Financial Supervisory Commission and the US Securities and Exchange Commission.
The company intends to issue ADRs representing 0.2 shares each, with total units capped at 10% of outstanding stock. Chairman Bobby Sheng said the initiative marks a step toward international capital markets while enabling overseas employees to hold shares through the ADR format. Historical data shows Taiwanese companies with US ADRs have traded at premiums ranging from 5% to over 10%.
Bora’s September revenue reached NT$1.72 billion ($53.4 million), declining 15% year-over-year but rebounding 25.8% from August. Measured in US dollars, the company reported its third-highest monthly revenue of the year, with nine-month cumulative sales climbing 11.8% compared to 2024.
The contract development and manufacturing business maintained August’s momentum, with output at the Maryland injection facility surpassing last year’s levels. President Trump’s announcement of 100% tariffs on imported branded and patented pharmaceuticals, set to take effect October 1 except for companies building US plants, underscores demand for domestic injection manufacturing.
Bora cited pharmaceutical giants Roche and Sandoz as precedents for Level 1 ADRs in the industry, alongside companies like Nestle and Airbus that trade through similar structures. The Zhunan facility’s new liquid capsule production area completed design work and expects to reach commercial output in early 2026, targeting delivery of sensitive compounds including oncology drugs and high-potency medicines.
