Avid Bioservices to be Acquired by GHO and Ampersand Capital Partners for $1.1 Billion Cash Deal

Avid Bioservices, Inc. (CDMO) entered a merger agreement on November 6, 2024, to be acquired by funds managed by GHO Capital Partners and Ampersand Capital Partners in a deal valued at $1.1 billion.

Details of the Agreement:

As per the merger agreement, GHO and Ampersand would acquire all the outstanding shares held by Avid’s stockholders for $12.50 per share in cash, representing a 13.84% premium from the stock’s last close.

Company Profile:

Avid Bioservices is a company that develops and manufactures biologic drugs for biotech and pharmaceutical companies, offering services from early development to large-scale production.

GHO Capital is a London-based healthcare investment advisor that specializes in identifying and nurturing high-growth opportunities in the healthcare sector. It focuses on building global healthcare businesses through strategic international expansion, particularly in Europe and North America, with a strong emphasis on improving healthcare delivery efficiency.

Ampersand Capital Partners is a private equity firm focused on growth investments in the healthcare sector. Founded in 1988, it manages $3 billion in assets, with offices in Boston and Amsterdam. Ampersand partners with healthcare companies to drive long-term growth, leveraging its deep industry expertise to build market-leading businesses across life sciences, MedTech, and health services.

Deal Details and Timeline:

Once the transaction is complete, expected in the first quarter of 2025, Avid’s common stock will no longer be publicly traded, but the company will retain the Avid name and brand.

The acquisition deal values Avid Bioservices at 4.69 times sales, as per the offer from GHO and Ampersand.

Deal Metrics:

For a more detailed analysis of this M&A transaction, kindly visit the Deal Metrics page here:

Detailed Metrics for the acquisition of Avid Bioservices, Inc. (CDMO) by GHO Capital Partners and Ampersand Capital Partners (N/A)

The Deal Metrics page for this merger includes:

• A spread history chart from announcement to completion or failure of the merger.
• The progress of the merger through the HSR period, regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And much more.

Disclaimer: This article is intended for informational purposes only. It is recommended that you conduct your own research before buying or selling any securities mentioned in this article. We do not guarantee the accuracy or completeness of the data or content provided.

Editor’s Note: Baranjot Kaur contributed to this article