GHO Capital Partners and Ampersand have entered into a merger agreement to acquire Avid Bioservices, a CDMO which provides development and manufacturing services to pharmaceutical and biotechnology companies in a deal worth $1.1 billion.

Under the terms of the deal, the acquiring companies will also acquire all outstanding shares held by Avids stockholders for $12.50 per share in cash. Partnering with GHO Capital and Ampersand Capital Partners is expected to enable Avid to access the companies’ significant knowledge base, network and capital to position the business for the future.