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Wednesday, Feb 12, 2025
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Avid Bioservices Shareholders Approve $1.1B Sale

Deal expected to close in coming days

Avid Bioservices Inc., a Tustin-based contract manufacturer of biologics, said its shareholders approved a proposal to be bought for $12.50 a share (Nasdaq: CDMO).

GHO Capital Partners and Ampersand Capital Partners proposed buying the company in November in an all-cash transaction of $1.1 billion. With today’s stockholder approval, all regulatory approvals have been received and the company expects the transaction to close in the coming days.

“We thank our stockholders for their support through our time as a public company and the duration of this process,” Chief Executive Nick Green said in a statement. “We look forward to completing the transaction and delivering significant, immediate and certain cash value to our stockholders.”

Shares closed today at $12.46, indicating investors believe the deal will be closed. The company has a $797 million market cap, according to Nasdaq.

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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