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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.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
