Avid Bioservices to Go Private in $1.1B Deal

Dow Jones

2024/11/07

By Connor Hart

Ampersand Capital Partners and GHO Capital Partners said they would take biopharmaceutical company Avid Bioservices private in a $1.1 billion deal.

The Boston- and London-based investment firms, respectively, said Wednesday they would purchase all of Avid's outstanding shares for $12.50 apiece. The purchase price represents a 14% premium to the company's closing price at the end of the regular session, and a 22% premium to its 20-day volume-weighted average share price.

The all-cash deal is expected to close during next year's first quarter, subject to customary closing conditions.

Avid Bioservices Chief Executive Nick Green said the company's board, which unanimously approved the sale, considered several options before determining to move forward as a private company under new owners.

Avid is a contract development and manufacturing organization that provides clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. These services include commercial drug-substance manufacturing, bulk packaging, release and stability testing, and regulatory submissions support.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

November 06, 2024 18:31 ET (23:31 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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These services include commercial drug-substance manufacturing, bulk packaging, release and stability testing, and regulatory submissions support. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Connor Hart at connor.hart@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 06, 2024 18:31 ET (23:31 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Avid Bioservices to Go Private in $1.1B Deal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAvid Bioservices to Go Private in $1.1B Deal\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2024-11-07 07:31</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Connor Hart \n</p>\n<pre>\n \n</pre>\n<p>\n  Ampersand Capital Partners and GHO Capital Partners said they would take biopharmaceutical company Avid Bioservices private in a $1.1 billion deal. \n</p>\n<p>\n  The Boston- and London-based investment firms, respectively, said Wednesday they would purchase all of Avid's outstanding shares for $12.50 apiece. The purchase price represents a 14% premium to the company's closing price at the end of the regular session, and a 22% premium to its 20-day volume-weighted average share price. \n</p>\n<p>\n  The all-cash deal is expected to close during next year's first quarter, subject to customary closing conditions. \n</p>\n<p>\n  Avid Bioservices Chief Executive Nick Green said the company's board, which unanimously approved the sale, considered several options before determining to move forward as a private company under new owners. \n</p>\n<p>\n  Avid is a contract development and manufacturing organization that provides clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. These services include commercial drug-substance manufacturing, bulk packaging, release and stability testing, and regulatory submissions support. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Connor Hart at connor.hart@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 06, 2024 18:31 ET (23:31 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CDMOP","symbol_name":"Avid Bioservices, Inc. 10.50% Series E Convertible Preferred","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2481996473","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481996473","pubTimestamp":1730935860,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Ampersand Capital Partners and GHO Capital Partners said they would take biopharmaceutical company Avid Bioservices private in a $1.1 billion deal.The Boston- and London-based investment firms, respectively, said Wednesday they would purchase all of Avid's outstanding shares for $12.50 apiece. 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These services include comme","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"CDMOP":"Avid Bioservices, Inc. 10.50% Series E Convertible Preferred","CDMO":"Avid Bioservices, Inc.","BK4139":"生物科技"},"translate_title":"Avid Bioservices将以$1.1 B交易私有化","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CDMOP":1,"CDMO":0.9},"content_text":"By Connor Hart \n\n\n \n\n\n  Ampersand Capital Partners and GHO Capital Partners said they would take biopharmaceutical company Avid Bioservices private in a $1.1 billion deal. \n\n\n  The Boston- and London-based investment firms, respectively, said Wednesday they would purchase all of Avid's outstanding shares for $12.50 apiece. 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