Avid Bioservices Approaches Acquisition Milestone with GHO and Ampersand
Deal News | Dec 30, 2024 | Globenewswire
Avid Bioservices, a Californian biologics contract development and manufacturing organization, has announced the expiration of the waiting period required under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act for its acquisition by GHO Capital Partners LLP and Ampersand Capital Partners. This crucial step brings the transaction closer to completion, anticipated in the first quarter of 2025, pending Avid stockholder approval and other conditions. Moelis & Company LLC acts as Avid’s financial advisor, while Cooley LLP provides legal counsel. Avid, with over 30 years in the field, offers comprehensive biologics services from process development to regulatory submissions. To advise their stockholders properly, Avid has disseminated proxy materials for an upcoming special meeting regarding the transaction. The company's executives, including President and CEO Nick Green, champion the deal as beneficial for shareholders. Given forward-looking statements, potential risks could impact deal fruition, including regulatory approval issues and stockholder voting outcomes. The company has detailed these potential risks in their SEC filings.
Sectors
- Biotechnology and Pharmaceuticals
- Private Equity and Investment
Geography
- United States – Avid Bioservices is based in Tustin, California, and the transaction involves U.S.-based regulatory processes.
- United Kingdom – GHO Capital Partners LLP is a UK-based private equity firm involved in the acquisition.
Industry
- Biotechnology and Pharmaceuticals – Avid Bioservices operates within the biotechnology and pharmaceutical industries, providing development and manufacturing services for biologics.
- Private Equity and Investment – GHO Capital Partners LLP and Ampersand Capital Partners are investment firms involved in acquiring Avid Bioservices.
Financials
- Not Disclosed – Financial terms of the acquisition deal have not been disclosed in the article.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Avid Bioservices, Inc. | Target Company | Company | A biologics contract development and manufacturing organization focused on biotechnology and pharmaceutical services. |
| GHO Capital Partners LLP | Acquirer | Company | A UK-based private equity firm involved in the acquisition of Avid Bioservices. |
| Ampersand Capital Partners | Acquirer | Company | An investment firm participating in the acquisition of Avid Bioservices alongside GHO Capital Partners. |
| Moelis & Company LLC | Financial Advisor | Company | Serving as the exclusive financial advisor to Avid Bioservices in the acquisition deal. |
| Cooley LLP | Legal Advisor | Company | Provides legal counsel to Avid Bioservices in the transaction. |