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Co-Manager

Avid Bioservices

$30 Million 12/10/2020 Life Sciences & Medical Devices Complete
Public Companies
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Transaction Details

  • On December 10, 2020, Avid Bioservices (“Avid” or the “Company”) announced the pricing of an underwritten public offering of 3,333,335 shares of its common stock at a price to the public of $9.00 per share
  • The offering consisted of 100% primary shares
  • Avid also granted the underwriters a 30-day option to purchase up to an additional 500,000 shares of its common stock
  • Avid intends to use the net proceeds from the offering primarily for the expansion of its manufacturing capabilities and any remainder for general corporate purposes

About the company

Avid Bioservices (NASDAQ: CDMO) is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biopharmaceutical drug substances derived from mammalian cell culture. The Company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. Avid’s services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs the Company provides a variety of process development activities, including upstream and downstream development and optimization, analytical methods development, testing and characterization.

Sources: Company filings and press release.
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    The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from Stephens Inc.’s Equity Syndicate Desk, at Stephens Inc., 111 Center Street, Little Rock, AR 72201, ATTN: Equity Syndicate Desk, or from the Securities and Exchange Commission’s website at www.sec.gov at the following link: https://www.sec.gov/Archives/edgar/data/704562/000168316820004223/avid_424b5.htm. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the notice of its acceptance given after the effective date.

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