Avid Bioservices stockholders approved the transaction with GHO Capital and Ampersand Capital, expecting closure soon.
Quiver AI Summary
Avid Bioservices, Inc. has announced that its stockholders have approved a transaction with GHO Capital Partners LLP and Ampersand Capital Partners during a special meeting. The company's CEO, Nick Green, expressed gratitude for the stockholders' support and indicated excitement about completing the transaction, which is expected to deliver significant cash value to them. With stockholder approval obtained and regulatory conditions satisfied, Avid anticipates finalizing the deal shortly. The company specializes in the development and manufacturing of biologics for the biotechnology and pharmaceutical sectors, providing a range of services from process development to commercial manufacturing.
Potential Positives
- Avid stockholders voted to approve the transaction with GHO Capital Partners and Ampersand Capital Partners, indicating strong support for the strategic move.
- The approval allows Avid to deliver significant, immediate, and certain cash value to its stockholders, enhancing shareholder wealth.
- All closing conditions have been met, and the company expects the transaction to close in the coming days, indicating a swift progression towards finalization.
Potential Negatives
- The press release indicates there are various risks and uncertainties associated with the proposed transaction, which may create concerns among investors regarding the future stability and success of the company.
- The mention of potential adverse effects on the market price of the company’s common stock following the announcement of the proposed transaction suggests possible financial instability for shareholders.
- There are risks highlighted that the proposed transaction could negatively impact the company's ability to retain key personnel and maintain important business relationships, which could hinder operational efficiency and growth.
FAQ
What is the recent transaction involving Avid Bioservices?
Avid Bioservices announced that stockholders approved a transaction with GHO Capital Partners and Ampersand Capital Partners.
What services does Avid Bioservices offer?
Avid provides CGMP manufacturing, process development, and regulatory submissions support for biotech and biopharmaceutical industries.
When is the Avid transaction expected to close?
The transaction is expected to close in the coming days following stockholder approval and regulatory clearances.
How long has Avid Bioservices been in operation?
Avid Bioservices has over 30 years of experience in producing biologics and offering development services.
Who can I contact for investor inquiries related to Avid Bioservices?
You can contact Stephanie Diaz at Vida Strategic Partners for investor inquiries at sdiaz@vidasp.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CDMO Insider Trading Activity
$CDMO insiders have traded $CDMO stock on the open market 17 times in the past 6 months. Of those trades, 0 have been purchases and 17 have been sales.
Here’s a breakdown of recent trading of $CDMO stock by insiders over the last 6 months:
- NICHOLAS STEWART GREEN (President & CEO) has made 0 purchases and 6 sales selling 389,737 shares for an estimated $4,740,995.
- DANIEL R HART (Chief Financial Officer) has made 0 purchases and 2 sales selling 22,813 shares for an estimated $278,774.
- MATTHEW R. KWIETNIAK (Chief Commercial Officer) has made 0 purchases and 4 sales selling 14,491 shares for an estimated $174,702.
- RICHARD A. RICHIERI (Chief Operations Officer) has made 0 purchases and 5 sales selling 8,558 shares for an estimated $100,107.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CDMO Hedge Fund Activity
We have seen 87 institutional investors add shares of $CDMO stock to their portfolio, and 73 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- 12 WEST CAPITAL MANAGEMENT LP removed 3,645,844 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $41,489,704
- FIRST LIGHT ASSET MANAGEMENT, LLC added 2,771,853 shares (+inf%) to their portfolio in Q3 2024, for an estimated $31,543,687
- COLISEUM CAPITAL MANAGEMENT, LLC removed 1,746,588 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $19,876,171
- EMERALD ADVISERS, LLC added 1,448,916 shares (+inf%) to their portfolio in Q3 2024, for an estimated $16,488,664
- POINT72 ASSET MANAGEMENT, L.P. added 1,142,756 shares (+42.8%) to their portfolio in Q3 2024, for an estimated $13,004,563
- JENNISON ASSOCIATES LLC added 1,117,104 shares (+inf%) to their portfolio in Q4 2024, for an estimated $13,796,234
- EMERALD MUTUAL FUND ADVISERS TRUST added 1,050,308 shares (+inf%) to their portfolio in Q3 2024, for an estimated $11,952,505
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
TUSTIN, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ: CDMO) (“Avid” or the “Company”), 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, today announced that Avid stockholders voted to approve the transaction with GHO Capital Partners LLP ("GHO") and Ampersand Capital Partners (“Ampersand”) at the Avid special meeting of stockholders (the “Special Meeting”) held earlier today.
“We thank our stockholders for their support through our time as a public company and the duration of this process,” said Nick Green, president and CEO of Avid Bioservices. “We look forward to completing the transaction and delivering significant, immediate and certain cash value to our stockholders.”
With today’s stockholder approval, all closing conditions, other than those to be satisfied at closing, have been met and regulatory approvals have been received, and the Company therefore expects the transaction to close in the coming days. The final, certified voting results for the Special Meeting will be provided in a Form 8-K filed with the U.S. Securities and Exchange Commission.
About Avid Bioservices, Inc.
Avid Bioservices (NASDAQ: CDMO) is a dedicated CDMO focused on development and CGMP manufacturing of biologics. The Company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With more than 30 years of experience producing biologics, Avid's services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs the Company provides a variety of process development activities, including cell line development, upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. www.avidbio.com
FORWARD-LOOKING STATEMENTS
This communication contains “forward-looking statements” which include, but are not limited to, all statements that do not relate solely to historical or current facts, such as statements regarding the Company’s expectations, intentions or strategies regarding the future, or the completion or effects of the proposed sale of Avid to GHO and Ampersand. In some cases, these statements include words like: “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue” and “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The Company’s expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks, and changes in circumstances, including but not limited to risks and uncertainties related to: the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement entered into in connection with the proposed transaction; the risk that the parties to the merger agreement may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the proposed transaction; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the Company’s common stock; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; and the risk that the proposed transaction and its announcement could have an adverse effect on the ability of the Company to retain and hire key personnel and to maintain relationships with customers, vendors, partners, employees, stockholders and other business relationships and on its operating results and business generally. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in the Company’s most recent filings with the SEC, including the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2024 and any subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed with the SEC from time to time and available at http://www.sec.gov.
The forward-looking statements included in this press release are made only as of the date hereof. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Contacts:
Avid Bioservices
Stephanie Diaz (Investors)
Vida Strategic Partners
415-675-7401
sdiaz@vidasp.com
Tim Brons
Vida Strategic Partners
415-675-7402
tbrons@vidasp.com
Bob Marese / John Bryan (For Voting Inquiries)
MacKenzie Partners, Inc.
1-800-322-2885
proxy@MacKenziePartners.com
Aaron Palash / Allison Sobel (Media)
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
