(Reuters) -Avid Bioservices said on Wednesday that it would be acquired by funds managed by GHO Capital Partners and Ampersand Capital Partners in a deal valued at about $1.1 billion.
GHO and Ampersand have offered $12.50 per share in cash, representing a premium of 13.8% to Avid’s last closing price.
The transaction is expected to close in the first quarter of 2025.
“In evaluating this transaction, our board considered a range of alternatives and determined that it provides our stockholders significant, immediate and certain cash value for their shares,” Avid CEO Nick Green said.
Upon completion of the transaction, Avid common stock will no longer be listed on any public stock exchange. The company will continue to operate under the Avid name and brand.
Avid is a contract manufacturer that provides clinical and commercial manufacturing services to the biotechnology and biopharmaceutical industries.
(Reporting by Sneha S K in Bengaluru; Editing by Shailesh Kuber and Anil D’Silva)
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