Avid Bioservices Progresses Towards Acquisition with Major Update

Avid Bioservices Progresses Towards Acquisition Completion

Avid Bioservices, Inc. (NASDAQ: CDMO) has announced a significant development in its pending acquisition by GHO Capital Partners LLP and Ampersand Capital Partners. This announcement comes as the company celebrates the expiration of the waiting period mandated under the Hart-Scott-Rodino Antitrust Improvements Act. This legislation is aimed at preventing anti-competitive mergers and acquisitions, ensuring that the deal can be evaluated properly.

Impact of Hart-Scott-Rodino Act Expiration

With the expiration of this waiting period, Avid Bioservices is now one step closer to completing the acquisition. Nick Green, the president and CEO of the company, expressed optimism about the transaction, highlighting the immediate and significant value it will bring to stockholders. Green encouraged stockholders to actively participate in the approval process by voting in favor of this important transaction.

What Happens Next?

The timeline for the completion of this acquisition is targeted for the first quarter of 2025, pending approval from Avid's stockholders and the fulfillment of other customary conditions that accompany such transactions. The acquisition is poised to bolster Avid’s capabilities, enabling the company to enhance its offerings in biologics contract development and manufacturing.

About Avid Bioservices

Avid Bioservices (NASDAQ: CDMO) is a recognized leader in the biologics contract development and manufacturing sector, dedicated to improving the lives of patients through high-quality services. The company's extensive experience spans over three decades, focusing on CGMP clinical and commercial manufacturing services tailored for the biotechnology and biopharmaceutical industries. From process development to regulatory submissions support, Avid's services cover every stage of biologics production.

Comprehensive Range of Services

Avid provides a diverse array of services including CGMP clinical manufacturing, bulk packaging, stability testing, and analytical methods development. For early-stage programs, the company excels in process development that encompasses cell line development, upstream and downstream optimization, and comprehensive testing methodologies. Their commitment to quality and efficiency positions Avid as a preferred partner for pharmaceutical companies striving for innovation in drug manufacturing.

Continuing Developments in the Acquisition

As we look forward to the finalization of the transaction with GHO and Ampersand, it's crucial for stakeholders to remain informed. Avid has filed a proxy statement with the SEC concerning a special meeting where stockholders will cast their votes regarding the proposed acquisition. The statement and additional documents will be made available, urging stockholders to review them prior to the meeting.

Clarification for Stockholders

Stockholders are advised to stay updated and actively participate in the decision-making process, as their approval is essential for moving forward with the acquisition. Potential impacts of the merger on Avid’s operations and strategy will be outlined in the documentation provided to stockholders by the company.

Contact Information for Avid Bioservices

For those seeking further information regarding the acquisition, Avid Bioservices has designated contacts for investor relations and media inquiries. Stephanie Diaz from Vida Strategic Partners is the point of contact for investors, reachable at 415-675-7401 or via email at sdiaz@vidasp.com. Tim Brons, also from Vida Strategic Partners, can be contacted at 415-675-7402, and Bob Marese, along with John Bryan from MacKenzie Partners, is available at 1-800-322-2885.

Frequently Asked Questions

What is the Hart-Scott-Rodino Act and its significance?

The Hart-Scott-Rodino Act requires companies to file with the FTC and DOJ before completing certain mergers and acquisitions, helping prevent anti-competitive practices.

When is the expected completion date for the acquisition?

The acquisition is anticipated to be finalized in the first quarter of 2025, subject to stockholder approval.

How will this acquisition benefit Avid Bioservices?

The acquisition is expected to deliver substantial value to stockholders and enhance Avid's manufacturing capabilities in the biologics sector.

Where can stockholders find more information regarding the acquisition?

Avid Bioservices will provide detailed documentation, including a proxy statement, to stockholders to keep them informed about the acquisition process.

Who should stockholders contact for further inquiries?

Stockholders can reach out to investor relations representatives like Stephanie Diaz or Tim Brons for any questions related to the acquisition.

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