Tustin-based Biotech Company Avid Bioservices Inc. To Go Private in $850M Deal

Avid Bioservices Inc., a Tustin-based biotech company, agreed to go private in an $850-million deal that values the company at $1.1 billion on Nov. 6. Funds managed by GHO Capital Partners LLP and Ampersand Management LLC agreed to acquire the company, and it will continue to operate under the Avid name and brand. Avid Bioservices Inc. operates as a contract development and manufacturing organization for the biotechnology and biopharmaceutical industries.

“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,” said Nick Green, chief executive and president of Avid Bioservices, in a statement.

The transaction is expected to close in the first quarter of 2025. William Blair acted as financial advisor and Neill Jakobe, Timothy Castelli and Zachary Blume of Ropes & Gray LLP acted as legal advisor to Ampersand Management LLC and GHO Capital Partners LLP. Moelis & Company LLC acted as financial advisor, and William Sorabella of Cooley LLP acted as legal advisor for Avid Bioservices.