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Joele Frank and ICR Healthcare are working the $1.1B deal by GHO Capital Partners and Ampersand Capital Partners to take Avid Bioservices private.
The $12.50 per share offer represents a 22 percent premium to Avid’s 20-day average stock price.
After considering alternatives, Avid’s board determined that the bid “provides stockholders significant, immediate and certain cash value for their shares,” according to Nick Green, Avid’s CEO.
Partnering with Ampersand and GHO “allows us to build on our strong foundation by accessing their significant knowledge base, network and capital to position the business for the future with our customers,” he added.
Avid, which is based in Tustin, CA, provides manufacturing services for the biotechnology and biopharmaceutical sectors.
ICR Healthcare’s Amber Fennell and Kris Lam represent London-based GHO.
Joele Frank, Wilkinson, Brimmer Katcher’s Aaron Palash and Allison Sobel handle media for Avid, while Vida Strategic Partners works the investment beat.
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Prosek Partners handles HPS Investment Partners as the global credit investment manager is acquired by BlackRock for $12B.
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