Private Equity Is Picking Up Biologics CDMO Avid Bioservices in $1.1B Acquisition

Avid Bioservices, a CDMO specializing in biologic drugs, is going private in a $1.1 billion M&A deal with private equity firms GHO Capital Partners and Ampersand Capital Partners. The deal values Avid at $12.50 per share, a premium to its stock price. Avid was formerly a subsidiary of Peregrine Pharmaceuticals, focusing on CDMO work since 2018. For fiscal 2024, Avid reported a revenue decline to $139.9 million, with top three customers contributing 55% of revenue. Avid’s CEO sees the acquisition as an opportunity for growth. The deal is expected to close in the first quarter of 2025 pending shareholder approval.

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