Avid Bioservices to be Acquired by GHO Capital and Ampersand in $1.1 Billion Deal
Deal News | Nov 07, 2024 | GHO Capital Partners LLP
Avid Bioservices, a biologics contract development and manufacturing organization, is to be acquired by GHO Capital Partners and Ampersand Capital Partners in a definitive merger agreement valued at approximately $1.1 billion. The agreement includes a cash payment of $12.50 per share, representing a premium on Avid's stock prices. Supported by GHO's and Ampersand's resources, Avid aims to further its growth in biologics manufacturing. The transaction marks Avid's transition to a private company, with CEO Nick Green highlighting the strategic alignment with the new owners' vision. Advisors for the deal include Moelis & Company and Cooley LLP for Avid, with William Blair & Company and Ropes & Gray LLP for the buyers. Completion is expected in early 2025, subject to standard regulatory approvals.
Sectors
- Biotechnology
- Private Equity
Geography
- United Kingdom – GHO Capital Partners is based in London, UK, reflecting the geographical presence and influence of the acquiring firm.
- United States – Avid Bioservices is a US-based company, indicating the geographical location of the target company.
Industry
- Biotechnology – Avid Bioservices operates in the biotechnology sector, providing advanced contract development and manufacturing services for biologics.
- Private Equity – GHO Capital Partners and Ampersand Capital Partners are investing firms specializing in the acquisition and growth of companies within the healthcare space.
Financials
- $1.1 billion – The all-cash transaction value for the acquisition of Avid Bioservices by GHO Capital Partners and Ampersand Capital Partners.
- $12.50 per share – The purchase price per share offered by GHO and Ampersand in the acquisition of Avid Bioservices.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Avid Bioservices, Inc. | Target Company | Company | A contract development and manufacturing organization focused on biologics, serving biotechnology and pharmaceutical companies. |
| GHO Capital Partners LLP | Bidding Company | Company | A private equity firm specializing in healthcare investment, involved as a major player in the acquisition of Avid Bioservices. |
| Ampersand Capital Partners | Bidding Company | Company | A private equity firm that co-leads the acquisition of Avid Bioservices alongside GHO Capital Partners. |
| Nick Green | CEO of Avid Bioservices | Person | The president and CEO of Avid Bioservices, commenting on the strategic benefits of the acquisition. |
| Moelis & Company LLC | Financial Advisor to Avid | Company | Serves as the exclusive financial advisor to Avid Bioservices for this transaction. |
| Cooley LLP | Legal Advisor to Avid | Company | Acts as legal counsel for Avid Bioservices in the merger agreement. |
| William Blair & Company, LLC | Financial Advisor to GHO and Ampersand | Company | Serves as the exclusive financial advisor to the bidding companies, GHO and Ampersand. |
| Ropes & Gray LLP | Legal Advisor to GHO and Ampersand | Company | Acts as legal counsel for GHO Capital Partners and Ampersand Capital Partners. |