Avid Bioservices announced that it has agreed to be acquired by GHO Capital Partners and Ampersand Capital Partners in a transaction valued at approximately $1.1 billion.
The all-cash deal will see GHO and Ampersand purchase all outstanding shares of Avid at $12.50 per share, representing a 13.8% premium over the company’s last closing share price and a 21.9% premium over its 20-day average.
The acquisition values Avid at an enterprise value of $1.1 billion, or 6.3 times its projected fiscal year 2025 revenue. This transaction will transition Avid to a private company, pending regulatory approvals, with the closing anticipated by mid-2025.
The acquisition will involve no immediate changes to the company’s operations.