Avid Bioservices Inc., a dedicated biologics contract development and manufacturing organization (CDMO), GHO Capital Partners LLP and Ampersand Capital Partners have entered into a definitive merger agreement for Avid to be acquired by funds managed by GHO and Ampersand in an all-cash transaction valued at approximately $1.1 billion.
 
Under the terms of the merger agreement, GHO and Ampersand would acquire all the outstanding shares held by Avid’s stockholders for $12.50 per share in cash.
 
“Since our founding, Avid Bioservices’ business has grown by evolving to meet our customers’ broad range of development and manufacturing needs. After years of investment and expansion, now is the right time to move forward as a private company with new owners that will support our next phase,” stated Nick Green, president and CEO of Avid Bioservices. “Partnering with GHO Capital and Ampersand Capital Partners allows us to build on our strong foundation by accessing their significant knowledge base, network and capital to position the business for the future with our customers.”
 
“We are excited to announce this recommended cash acquisition of Avid,” said Alan MacKay and Mike Mortimer, Managing Partners of GHO. “As experienced CDMO industry investors, GHO brings deep expertise and experience to support Avid’s management team going forward.”
 
“Avid has long been a trusted provider of biopharmaceutical development and manufacturing services, and we have tremendous respect for its team’s expertise, its broad spectrum of customized services and its strong regulatory track record. We look forward to leveraging our deep industry experience, focused strategy, and collaborative approach to drive growth,” added David Anderson, General Partner of Ampersand.

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