Welcome to our dedicated page for Avid Bioservices news (Ticker: CDMO), a resource for investors and traders seeking the latest updates and insights on Avid Bioservices stock.
Avid Bioservices, Inc. (NASDAQ: CDMO) is a distinguished contract manufacturing organization (CMO) that specializes in the development and production of biopharmaceutical products. As a subsidiary of Peregrine Pharmaceuticals, Inc., Avid Bioservices offers unique expertise in the manufacturing of monoclonal antibodies, recombinant proteins, and enzymes using mammalian cell culture.
The company excels in providing Current Good Manufacturing Practices (CGMP) compliant process development and manufacturing services. These services range from early-stage development to full-scale commercial production, making Avid Bioservices a key partner for biotechnology and biopharmaceutical industries.
One of the company's recent achievements includes securing a partnership with CIRM-funded programs, granting access to Avid’s suite of world-class CGT CDMO services to support clinical development activities. This collaboration underscores the company’s commitment to advancing biopharmaceutical innovations.
Core Services:
- Monoclonal Antibody Development
- Recombinant Protein Production
- Enzyme Manufacturing
- CGMP Clinical Manufacturing
- Commercial Manufacturing
Avid Bioservices is renowned for its comprehensive development and manufacturing capabilities, which ensure a seamless transition from concept to commercialization. The company’s robust financial condition and strategic partnerships further bolster its position as a leader in the biopharmaceutical manufacturing sector.
By focusing on high-quality production standards and maintaining strong industry relationships, Avid Bioservices continues to play a pivotal role in the biopharmaceutical landscape, driving forward significant advancements in therapeutic development.
For more updates and relevant information about the company’s performance, recent events, and developments, please visit our latest news section.
Avid Bioservices (NASDAQ: CDMO) has initiated mailing definitive proxy materials to stockholders regarding its pending transaction with GHO Capital Partners and Ampersand Capital Partners. The deal offers $12.50 per share in cash, representing a $1.1 billion enterprise value and a 13.8% premium to the last trading price before announcement.
The Special Meeting to vote on the transaction is scheduled for January 30, 2025. The Board unanimously recommends stockholders vote 'FOR' the transaction, highlighting three key benefits: immediate cash value, a robust value-maximizing process, and de-risking of the company's standalone future. The deal followed a comprehensive process involving outreach to 24 potential buyers, resulting in a 19% price improvement from the initial unsolicited offer.
Avid Bioservices (NASDAQ: CDMO) reported financial results for Q2 FY2025 ended October 31, 2024. Revenue increased 32% to $33.5 million, while backlog grew 11% to $220 million. Despite revenue growth, the company recorded a gross loss of $2.0 million and a net loss of $17.4 million ($0.27 per share).
The company announced its acquisition by GHO Capital Partners and Ampersand Capital Partners in an all-cash transaction valued at $1.1 billion. Shareholders will receive $12.50 per share, representing a 13.8% premium to the closing price on November 6, 2024. The transaction is expected to close in Q1 2025, after which Avid will become private.
Avid Bioservices (NASDAQ: CDMO) has announced a definitive merger agreement to be acquired by GHO Capital Partners and Ampersand Capital Partners in an all-cash transaction valued at $1.1 billion. Shareholders will receive $12.50 per share, representing a 13.8% premium to Avid's closing price on November 6, 2024. The transaction equates to a 6.3x multiple to consensus FY2025E revenue. The deal, unanimously approved by Avid's Board, is expected to close in Q1 2025, subject to stockholder and regulatory approvals. Post-acquisition, Avid will become private while maintaining its name and brand.
Avid Bioservices (NASDAQ: CDMO), a dedicated biologics contract development and manufacturing organization, has announced its participation in the upcoming Craig-Hallum Bioprocessing Conference. The virtual event is scheduled for September 19, 2024.
Key highlights:
- President and CEO Nick Green and VP of Process Development Pramthesh Patel, Ph.D., will be featured speakers
- The fireside chat is set for 2:45 p.m. Eastern on the conference day
- A webcast replay will be available on Avid's investor website after the event
This participation underscores Avid Bioservices' commitment to engaging with industry stakeholders and showcasing its expertise in biologics manufacturing and development services.
Avid Bioservices (NASDAQ: CDMO) reported financial results for Q1 FY2025 ended July 31, 2024. Key highlights include:
- Revenue of $40.2 million, up 6% year-over-year
- Net new business signings of $66 million
- Backlog increased to $219 million, up 16% from last year
- Gross profit of $5.7 million (14% margin)
- Net loss of $5.5 million or $0.09 per share
- Cash and equivalents of $33.4 million
The company maintained its FY2025 revenue guidance of $160-$168 million. Avid's CEO Nick Green highlighted strong momentum, improved margins, and diverse new business signings, including early-phase programs and late-stage projects advancing toward commercialization.
Avid Bioservices (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization, has announced it will report financial results for the first quarter of fiscal year 2025 on September 9, 2024, after market close. The company will also host a webcast at 1:30 PM Pacific Time (4:30 PM Eastern Time) on the same day. During the webcast, Avid's senior management will discuss the financial results and review recent corporate developments. Investors and interested parties can access the live or archived webcast through the company's investor relations website.
Avid Bioservices (NASDAQ: CDMO) reported fourth quarter revenue of $43 million, the highest in the company's history, and full-year fiscal 2024 revenue of $139.9 million, a 6% decrease from the previous year. Despite a strong quarter, the full year was impacted by fewer manufacturing runs and changes in estimated variable consideration. The company signed $30 million in new business, resulting in a backlog of $193 million. For fiscal 2025, Avid projects revenue between $160 million and $168 million. Gross profit for Q4 was $5.5 million (13% margin), down from $8.4 million (21% margin) in Q4 2023. Full-year gross profit was $7.3 million (5% margin), down from $31.5 million (21% margin) last year. The net loss for Q4 was $123.1 million or $1.94 per share, primarily due to a $118.5 million income tax expense. The net loss for the full year was $140.8 million or $2.23 per share, compared to net income of $0.3 million last year. Cash and cash equivalents stood at $38.1 million as of April 30, 2024. New facilities are fully operational, increasing the annual revenue-generating capacity to over $400 million.
Avid Bioservices (NASDAQ: CDMO) will announce its financial results for the quarter and fiscal year ended April 30, 2024, following market close on July 2, 2024. A webcast hosted by senior management will take place at 1:30 PM PT (4:30 PM ET) to discuss the financial outcomes and recent corporate developments. The webcast can be accessed live or via archive on the company’s investor relations website.
Avid Bioservices (NASDAQ: CDMO) announced on May 23, 2024, that it has earned a Committed Badge from EcoVadis, a leading provider of business sustainability ratings.
The company scored 56, placing it in the 62nd percentile globally. This recognition covers four core themes: Environment, Labor & Human Rights, Ethics, and Sustainable Procurement.
CEO Nick Green emphasized the company's commitment to ongoing sustainability improvements, recognizing that achieving high sustainability ratings is a continuous process.
EcoVadis evaluates over 125,000 companies worldwide based on international sustainability standards like the UN Global Compact and ISO 26000.
Avid Bioservices, Inc. (NASDAQ: CDMO) will participate in two investor conferences with Nick Green, the president and CEO, as a key speaker. The company aims to enhance patient lives through biologics development and manufacturing services for biotech and pharma firms.
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