Avid Stockholders Approve Transaction with GHO and Ampersand
Avid Bioservices (NASDAQ: CDMO) stockholders have approved the transaction with GHO Capital Partners LLP and Ampersand Capital Partners at a special meeting of stockholders. The company, a dedicated biologics contract development and manufacturing organization, expects the transaction to close within days as all closing conditions have been met and regulatory approvals received, except for those to be satisfied at closing.
Nick Green, president and CEO of Avid Bioservices, expressed gratitude to stockholders for their support during the company's time as a public company and throughout this process. The transaction aims to deliver significant, immediate and certain cash value to stockholders. The final, certified voting results will be filed with the SEC via Form 8-K.
Gli azionisti di Avid Bioservices (NASDAQ: CDMO) hanno approvato la transazione con GHO Capital Partners LLP e Ampersand Capital Partners durante una riunione speciale degli azionisti. L'azienda, un'organizzazione specializzata nello sviluppo e nella produzione di contratti biologici, prevede che la transazione si chiuda entro pochi giorni, poiché sono state soddisfatte tutte le condizioni di chiusura e sono state ricevute le approvazioni regolatorie, ad eccezione di quelle da soddisfare al momento della chiusura.
Nick Green, presidente e CEO di Avid Bioservices, ha espresso gratitudine agli azionisti per il loro supporto durante il periodo in cui l'azienda è stata quotata in borsa e per tutto il processo. La transazione mira a fornire un valore monetario significativo, immediato e certo agli azionisti. I risultati finali e certificati delle votazioni saranno depositati presso la SEC tramite il modulo 8-K.
Los accionistas de Avid Bioservices (NASDAQ: CDMO) han aprobado la transacción con GHO Capital Partners LLP y Ampersand Capital Partners en una reunión especial de accionistas. La compañía, una organización dedicada al desarrollo y fabricación de contratos biológicos, espera que la transacción se cierre en unos días, ya que se han cumplido todas las condiciones de cierre y se han recibido las aprobaciones regulatorias, excepto aquellas que deben satisfacerse al momento del cierre.
Nick Green, presidente y CEO de Avid Bioservices, expresó su agradecimiento a los accionistas por su apoyo durante el tiempo de la compañía como empresa pública y a lo largo de todo este proceso. La transacción tiene como objetivo ofrecer un valor monetario significativo, inmediato y cierto a los accionistas. Los resultados finales y certificados de la votación se presentarán a la SEC a través del formulario 8-K.
에비드 바이오서비스(Avid Bioservices)(NASDAQ: CDMO)의 주주들은 GHO 캐피탈 파트너스 LLP와 앰퍼샌드 캐피탈 파트너스(Ampersand Capital Partners)와의 거래를 주주 특별 회의에서 승인했습니다. 이 회사는 생물학적 계약 개발 및 제조 전문가로, 거래가 몇 일이내에 마무리될 것으로 예상하고 있습니다. 모든 마감 조건이 충족되었고 규제 승인이 완료되었으며, 마감 시 만족해야 할 것들을 제외하고 있습니다.
닉 그린(Nick Green) 에비드 바이오서비스의 회장 겸 CEO는 회사가 상장된 동안과 이번 과정에서 주주들의 지원에 감사의 말을 전했습니다. 이 거래는 주주들에게 중요한 즉각적이고 확실한 현금 가치를 제공하는 것을 목표로 하고 있습니다. 최종 인증된 투표 결과는 SEC에 8-K 양식을 통해 제출될 것입니다.
Les actionnaires d'Avid Bioservices (NASDAQ: CDMO) ont approuvé la transaction avec GHO Capital Partners LLP et Ampersand Capital Partners lors d'une réunion spéciale des actionnaires. L'entreprise, une organisation dédiée au développement et à la fabrication de biologiques sous contrat, s'attend à ce que la transaction soit finalisée dans quelques jours, toutes les conditions de clôture ayant été remplies et les approbations réglementaires reçues, sauf celles à satisfaire lors de la clôture.
Nick Green, président et PDG d'Avid Bioservices, a exprimé sa gratitude aux actionnaires pour leur soutien durant la période de l'entreprise en tant qu'entité publique et tout au long de ce processus. La transaction vise à offrir une valeur monétaire significative, immédiate et certaine aux actionnaires. Les résultats finaux et certifiés du vote seront déposés auprès de la SEC via le formulaire 8-K.
Aktionäre von Avid Bioservices (NASDAQ: CDMO) haben die Transaktion mit GHO Capital Partners LLP und Ampersand Capital Partners in einer Sonderaktionärsversammlung genehmigt. Das Unternehmen, eine auf Biologika spezialisierte Organisation für Vertragsentwicklung und -herstellung, erwartet, dass die Transaktion innerhalb weniger Tage abgeschlossen sein wird, da alle Abschlussbedingungen erfüllt und die regulatorischen Genehmigungen erteilt wurden, mit Ausnahme derjenigen, die bei Abschluss erfüllt werden müssen.
Nick Green, Präsident und CEO von Avid Bioservices, drückte seine Dankbarkeit gegenüber den Aktionären für ihre Unterstützung während der Zeit des Unternehmens als börsennotiertes Unternehmen und während des gesamten Prozesses aus. Ziel der Transaktion ist es, den Aktionären einen erheblichen, sofortigen und sicheren Geldwert zu bieten. Die endgültigen, zertifizierten Abstimmungsergebnisse werden via Formular 8-K bei der SEC eingereicht.
- Transaction received stockholder approval
- All regulatory approvals obtained
- Transaction promises immediate cash value to shareholders
- Deal expected to close within days
- Company will cease being publicly traded
Insights
The stockholder approval of Avid Bioservices' privatization deal marks a pivotal moment in the CDMO sector's evolving landscape. This transaction reflects a broader trend of private equity firms recognizing the strategic value in the CDMO space, particularly as pharmaceutical outsourcing continues to grow. The partnership with GHO Capital Partners and Ampersand Capital Partners - both experienced healthcare investors - signals strong confidence in Avid's business model and growth potential.
The deal's timing is particularly strategic, coming amid increasing market interest in specialized manufacturing capabilities for biologics. Private ownership could provide Avid with greater operational flexibility and access to capital for expansion, potentially accelerating its growth trajectory without the constraints and scrutiny of public markets. The transaction's swift progression from announcement to shareholder approval, with all regulatory clearances secured, demonstrates well-orchestrated execution and strong stakeholder alignment.
For the broader CDMO industry, this deal highlights the sector's attractiveness to sophisticated investors and could catalyze further consolidation. Private equity ownership typically brings operational expertise and additional capital resources, which could enhance Avid's competitive position in the specialized biologics manufacturing space. The transaction also reflects the growing trend of take-private deals in the healthcare services sector, where operational improvements and strategic investments can be implemented more effectively away from quarterly public market pressures.
TUSTIN, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ: CDMO) (“Avid” or the “Company”), a dedicated biologics contract development and manufacturing organization (“CDMO”) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced that Avid stockholders voted to approve the transaction with GHO Capital Partners LLP ("GHO") and Ampersand Capital Partners (“Ampersand”) at the Avid special meeting of stockholders (the “Special Meeting”) held earlier today.
“We thank our stockholders for their support through our time as a public company and the duration of this process,” said Nick Green, president and CEO of Avid Bioservices. “We look forward to completing the transaction and delivering significant, immediate and certain cash value to our stockholders.”
With today’s stockholder approval, all closing conditions, other than those to be satisfied at closing, have been met and regulatory approvals have been received, and the Company therefore expects the transaction to close in the coming days. The final, certified voting results for the Special Meeting will be provided in a Form 8-K filed with the U.S. Securities and Exchange Commission.
About Avid Bioservices, Inc.
Avid Bioservices (NASDAQ: CDMO) is a dedicated CDMO focused on development and CGMP manufacturing of biologics. The Company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With more than 30 years of experience producing biologics, Avid's services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs the Company provides a variety of process development activities, including cell line development, upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. www.avidbio.com
FORWARD-LOOKING STATEMENTS
This communication contains “forward-looking statements” which include, but are not limited to, all statements that do not relate solely to historical or current facts, such as statements regarding the Company’s expectations, intentions or strategies regarding the future, or the completion or effects of the proposed sale of Avid to GHO and Ampersand. In some cases, these statements include words like: “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue” and “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The Company’s expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks, and changes in circumstances, including but not limited to risks and uncertainties related to: the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement entered into in connection with the proposed transaction; the risk that the parties to the merger agreement may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the Company’s common stock; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; and the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the Company to retain and hire key personnel and to maintain relationships with customers, vendors, partners, employees, stockholders and other business relationships and on its operating results and business generally. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in the Company’s most recent filings with the SEC, including the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2024 and any subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed with the SEC from time to time and available at http://www.sec.gov.
The forward-looking statements included in this press release are made only as of the date hereof. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Contacts:
Avid Bioservices
Stephanie Diaz (Investors)
Vida Strategic Partners
415-675-7401
sdiaz@vidasp.com
Tim Brons
Vida Strategic Partners
415-675-7402
tbrons@vidasp.com
Bob Marese / John Bryan (For Voting Inquiries)
MacKenzie Partners, Inc.
1-800-322-2885
proxy@MacKenziePartners.com
Aaron Palash / Allison Sobel (Media)
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
FAQ
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