“Since our founding, Avid Bioservices’ business has grown by evolving to meet our customers' broad range of development and manufacturing needs. After years of investment and expansion, now is the right time to move forward as a private company with new owners that will support our next phase,” stated Nick Green, president and CEO of Avid Bioservices. “In evaluating this transaction, our board considered a range of alternatives and determined that it provides our stockholders significant, immediate and certain cash value for their shares. Partnering with GHO Capital and Ampersand Capital Partners allows us to build on our strong foundation by accessing their significant knowledge base, network and capital to position the business for the future with our customers.”

Alan MacKay and Mike Mortimer, managing partners of GHO, commented: “As experienced CDMO industry investors, GHO brings deep expertise and experience to support Avid's management team going forward. […] Avid’s recent investments, both in capacity and its exemplary team, position it strongly for future growth.”

“Avid has long been a trusted provider of biopharmaceutical development and manufacturing services, and we have tremendous respect for its team’s expertise, its broad spectrum of customized services and its strong regulatory track record. We look forward to leveraging our deep industry experience, focused strategy, and collaborative approach to drive growth,” said David Anderson, general partner of Ampersand.

The transaction, which was unanimously approved by the Avid board of directors, is expected to close in the first quarter of 2025, subject to customary closing conditions.