Avid Bioservices $143.8 million exchangeable senior notes offering
Davis Polk advised the initial purchasers on a Rule 144A offering by Avid SPV, LLC, a wholly owned subsidiary of Avid Bioservices, Inc., of $143.750 million aggregate principal amount of its 1.250% exchangeable senior notes due 2026, including $18.75 million principal amount of exchangeable notes pursuant to the exercise of the initial purchasers’ option to purchase additional exchangeable notes. In addition, Davis Polk advised counterparties to capped call transactions in connection with the exchangeable notes offering.
Headquartered in Orange County, California, Avid Bioservices 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.
The Davis Polk corporate team included partner Alan F. Denenberg, counsel Jason Bassetti and associate Lawrence Edward Traylor Jr. The equity derivatives team included partner Mark M. Mendez, counsel Justin Michael and associate Yini Chen. Partner Po Sit and associate Eitan Ulmer provided tax advice. Partner Pritesh P. Shah and associate Shuang Ci provided intellectual property advice. Members of the Davis Polk team are based in the Northern California and New York offices.