New York – November 6, 2024 – Cooley advised Avid Bioservices (Nasdaq: CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high-quality development and manufacturing services to biotechnology and pharmaceutical companies, on its definitive merger agreement to be acquired by funds managed by GHO Capital Partners and Ampersand Capital Partners in an all-cash transaction valued at approximately $1.1 billion. Under the terms of the merger agreement, GHO and Ampersand will acquire all outstanding shares held by Avid’s stockholders for $12.50 per share in cash. The per-share purchase price represents a 13.8% premium to Avid’s closing share price of $10.98 on November 6, 2024, the last full trading day before the transaction announcement, and a 21.9% premium to its 20-day volume-weighted average share price for the period ended November 6, 2024.
Lawyers Bill Sorabella, Matthew Silverman, Sarah Buchik, Patrick Reed, Alexis Johnson, Barbara Mirza, Austin Holt, Howard Morse, Kathy O’Neill, Julia Brinton, Phil Mitchell, Todd Gluth, Christophe Beauduin, Koji Fukumura and Peter Adams led the Cooley team advising Avid.
Cooley has previously advised Avid on several litigation and investigation matters.
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