Welcome to our dedicated page for Avid Bioservices news (Ticker: CDMO), a resource for investors and traders seeking the latest updates and insights on Avid Bioservices stock.
Avid Bioservices, Inc. (formerly traded on Nasdaq under the symbol CDMO) is a dedicated biologics contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biologics for biotechnology and biopharmaceutical customers. The news flow around Avid covers both its operational role as a biologics CDMO and significant corporate events that have reshaped its status as a public company.
News items for Avid include announcements about its all-cash acquisition by funds managed by GHO Capital Partners LLP and Ampersand Capital Partners, a transaction valued at approximately $1.1 billion. Coverage details the definitive merger agreement, the approval of the transaction by Avid stockholders, and subsequent confirmation that the company’s common stock has ceased trading and will be delisted from Nasdaq, with Avid continuing to operate under its existing name and brand as a privately held company.
In addition to merger and delisting developments, Avid’s news feed features financial results for recent quarters, highlighting revenues from biologics manufacturing and process development, backlog levels, and commentary on demand from biotechnology and pharmaceutical customers. Releases also describe new business signings, including early-phase and late-stage programs, and reference the company’s investments in infrastructure, facilities, capacity and capabilities.
Another important category of news relates to capital structure and securities, such as the company’s 7.00% Convertible Senior Notes due 2029. Avid has issued notices to noteholders describing Fundamental Change and Make-Whole Fundamental Change events triggered by the closing of the merger, along with associated repurchase and conversion rights.
Investors and researchers can use the CDMO news page on Stock Titan as an archive of these developments, from Avid’s period as a publicly traded biologics CDMO through its acquisition and transition to private ownership.
Avid Bioservices (NASDAQ:CDMO) and Argonaut Manufacturing Services have formed a non-exclusive co-marketing agreement to provide integrated manufacturing solutions for biotechnology and pharmaceutical clients. This partnership allows Avid to offer upstream and downstream process development and drug substance manufacturing services alongside Argonaut's aseptic fill-finish capabilities, enhancing efficiency for CGMP parenteral drug products used in clinical studies. The collaboration aims to streamline the development of high-value biologics, positioning both companies favorably in the life sciences sector.
Avid Bioservices (NASDAQ:CDMO) reported fourth-quarter revenue of $12.6 million and annual revenue of $59.7 million, a year-over-year increase of 11%. Notably, the company signed $23 million in new business orders and achieved a record backlog of $65 million. Despite facing a 26% revenue decline in the fourth quarter versus the prior year, Avid exceeded revised revenue guidance. For fiscal 2021, revenue is projected between $76 million and $81 million. The company appointed Nicholas Green as the new CEO, strengthening its leadership team.
Avid Bioservices, Inc. (NASDAQ: CDMO) announced it will release financial results for the quarter and fiscal year ending April 30, 2020, on June 30, 2020, post-market. A conference call at 1:30 PM PT (4:30 PM ET) will follow, with company executives discussing the results and recent developments. Avid specializes in biologics contract development and manufacturing, offering comprehensive services including clinical and commercial drug substance manufacturing, and process development, leveraging over 25 years of experience in the biopharmaceutical sector.
Avid Bioservices (NASDAQ:CDMO) has appointed Nicholas Green as president and CEO effective July 30, 2020, succeeding Rick Hancock, who served as interim CEO since May 2019. Green brings over 30 years of industry experience and has held senior roles in contract manufacturing organizations. The appointment aims to enhance Avid's growth trajectory amidst increasing demand for contract development services for biologics. Hancock will continue as a board member, expressing pride in the progress made in diversifying Avid’s client base and revenue during his tenure.
Avid Bioservices, Inc. (NASDAQ: CDMO) announced a quarterly cash dividend of $0.65625 per share on its 10.50% Series E Convertible Preferred Stock. This dividend will be payable on July 1, 2020, to shareholders recorded as of June 15, 2020. The annualized yield represents 10.50% based on a $25.00 liquidation preference, accruing from April 1, 2020, through June 30, 2020. Avid is a biologics contract development and manufacturing organization focused on high-quality services for the biotechnology and pharmaceutical industries.
Avid Bioservices (NASDAQ: CDMO) and Aragen Bioscience have entered a co-marketing agreement to streamline the drug development process. This partnership combines Aragen's cell line development expertise with Avid's manufacturing services, creating an integrated 'sequence-to-manufacturing' service. The collaboration aims to enhance efficiencies and reduce timelines in delivering CGMP bulk drug substances, facilitating faster access to innovative medicines for patients. With over 15 years of commercial product manufacturing experience, Avid seeks to leverage its strengths in this alliance.