24/7 Market News Snapshot 06 November, 2024 – Avid Bioservices, Inc. Common Stock (NASDAQ:CDMO)

November 6, 2024

DENVER, Colo., 06 November, 2024 (247marketnews.com) – (NASDAQ:CDMO) are discussed in this article.
Avid Bioservices, Inc. is currently witnessing a significant surge in its stock price, which has jumped approximately 16.94% to $12.325, driven by robust trading activity with 1.40 million shares exchanged. This bullish momentum reflects heightened investor confidence, as technical indicators suggest the potential for sustained growth if the stock maintains support above $12. Key resistance levels should be monitored around $12.50, as surpassing this threshold may indicate further upward movement.

Concurrently, Avid has announced a definitive merger agreement with investment funds managed by GHO Capital Partners and Ampersand Capital Partners, marking a notable strategic move valued at around $1.1 billion. Shareholders of Avid will receive $12.50 per share in cash, which represents a 13.8% premium over the stock’s previous closing price. This acquisition is poised to bolster Avid’s capabilities and support its ongoing growth trajectory within the biotechnology and pharmaceutical manufacturing sectors.

Nick Green, president and CEO of Avid, expressed that the collaboration with GHO and Ampersand will provide the necessary expertise and capital for expanding operations and enhancing service offerings. He remarked, “This is the right time to transition to a private entity supported by owners who value our mission and seek to enhance our operational capabilities.”

Leadership from GHO articulated their excitement about Avid’s strong positioning and operational proficiency in the production of complex biologics. They reaffirmed their commitment to improving healthcare accessibility and operational efficiencies.

The Board of Directors at Avid has unanimously approved the transaction, which is expected to conclude in the first quarter of 2025, pending the usual regulatory approvals. Post-acquisition, Avid will continue operating under its name, solidifying its foundation for future success in the biologics market and ensuring ongoing value for clients and stakeholders alike.

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