Avid Bioservices to Go Private in $1.1B Deal

Dow Jones

Nov 07, 2024

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)

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