Avid Bioservices to be acquired for $1.1B in cash by GHO, Ampersand
Maksim Labkouski
Avid Bioservices (NASDAQ:CDMO) has agreed to be acquired by funds managed by GHO Capital Partners and Ampersand Capital Partners through a cash deal that values the company at around $1.1B.
Under the deal, GHO and Ampersand will acquire all of Avid’s (CDMO) outstanding shares for $12.50 per share in cash, which represents a 13.8% premium over Avid’s (CDMO) closing price on Nov. 6, the last trading session before the transaction was announced, according to a statement.
Avid (CDMO) said the deal assigns an enterprise value of approximately $1.1B to the company, or a 6.3x multiple to fiscal 2025 consensus revenue estimates. The transaction is expected to close in Q1 2025, subject to shareholder and regulatory approval.
Following the acquisition, the company will operate under the Avid (CDMO) name, but its shares will no longer trade on any public exchange.
Shares of Avid (CDMO) were up 12% Thursday following news of the deal.
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