M&A · Healthcare · Pharmaceutical Preparations
GHO Capital Partners and Ampersand Capital Partners to acquire Avid Bioservices, Inc.
Announced Nov 6, 2024 · Closed Feb 5, 2025
Deal value$1.10BEV $1.10B
Premium13.8%To unaffected price
EV / Adj. EBITDA—7.7x EV / Revenue
ConsiderationAll cash$12.50 per share
Transaction
- Acquirer
- GHO Capital Partners and Ampersand Capital Partners
- Target
- Avid Bioservices, Inc. (CDMO)
- Buyer type
- Private equity
- Offer price per share
- $12.50
- Enterprise value
- $1.10B
- Status
- Closed Feb 5, 2025
Deal protections
- Break fee (target pays)
- $32.0M · 2.9%
- Reverse fee (buyer pays)
- $64.0M · 5.8%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- William Blair
- To the target
- Moelis
Sector context · Healthcare
- Comparable deals
- 94 in the prior 24 months
- Premium
- 13.8% vs. 67.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 2.9% vs. 3.5% sector median
Timeline
- AnnouncedNov 6, 2024
- Proxy filedDec 3, 2024
- Definitive proxyDec 18, 2024
- Shareholder voteJan 30, 2025
- ClosedFeb 5, 2025
Valuation · fairness opinions
Trading comparables$5.72$10.57
Discounted cash flow$8.13$11.89
Discounted cash flow$6.25$9.68
Discounted cash flow$11.50$16.07
52-week trading range$4.07$12.48
Offer $12.50
Implied value per Avid Bioservices, Inc. share by analysis, from Moelis.