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Avid Bioservices to Participate at Upcoming Investor Conferences
May 7, 2024 at 4:05 PM EDT
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TUSTIN, Calif., May 07, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ: CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced that the company will participate at two upcoming investor conferences. Nick Green, president and chief executive officer, will be the featured speaker in a fireside chat at the RBC Capital Markets 2024 Global Healthcare Conference, and will deliver a corporate presentation at the 2024 Bank of America Securities Healthcare Conference.
Details of the company’s participation are as follows:
RBC Capital Markets 2024 Global Healthcare Conference
Conference Date: May 14-15, 2024
Fireside Chat Time/Date: 4:35 – 5:05 p.m. Eastern on Tuesday, May 14, 2024
Location: InterContinental New York Barclay, New York
2024 Bank of America Healthcare Conference
Conference Date: May 14-16, 2024
Presentation Time/Date: 11:55 a.m. – 12:10 p.m. Eastern on Thursday, May 16, 2024
Location: Encore Hotel, Las Vegas, NV
About?Avid Bioservices, Inc.
Avid Bioservices (NASDAQ: CDMO) is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biologics. The company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With more than 30 years of experience producing biologics, 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 cell line development, upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. www.avidbio.com
Contacts:
Stephanie Diaz (Investors)
Vida Strategic Partners
415-675-7401
sdiaz@vidasp.com
Tim Brons (Media)
Vida Strategic Partners
415-675-7402
tbrons@vidasp.com
Block trade
05/07/2024 14:15:03 EDT V 8.59 199700
Well, we broke through, but low volume, so it may not hold.
6 Form 4’s filed.
https://ir.avidbio.com/sec-filings
A million shares traded so far.
Form 144 filed
https://ir.avidbio.com/node/20776/html
No apology for the note fiasco, not that I expected one.
Block trade
04/29/2024 15:06:33 EDT 7.65 227500
Point72 filed a 13G with a 5.1% ownership. Previously held 509,831 shares. Now 3,226,006 shares.
https://ir.avidbio.com/node/20771/html
https://ir.avidbio.com/news-releases/news-release-details/avid-bioservices-reports-financial-results-third-quarter-ended-1
Recorded Third Quarter Revenue of $33.8 Million --
-- Signed $41 Million in Net New Business Resulting in Record High Backlog of $206 Million --
-- Celebrated Completion of Recent Expansion Program with Grand Opening of Cell and Gene Therapy Manufacturing Facility in January 2024 --
-- Completed Convertible Debt Offering Subsequent to Quarter End, Extending Debt Maturity to 2029 --
Latest trade. 04/24/2024 17:09:55 EDT W 6.83 167902 NDD
I didn’t see a link on their website, but you can ask Stephanie to add your info at mailto:sdiaz@vidasp.com.
I didn’t get an email from Avid on the filing as I usually do. What’s up with that? I got emails on all the Form 4’s the other day.
Altravue Capital filed a 13G yesterday raising their percent to 5.3% from 4.7%.
https://ir.avidbio.com/node/20731/html
Sorry, I didn’t find it. There was a 242K trade around 5 pm yesterday.
The last regular trade was over 1.3 mil shares.
Date/Time Price Shares Exch/Mkt
03/15/2024 16:01:33 EDT P 6.29 791 NDD
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03/15/2024 16:00:00 EDT X 6.29 1331702
Item 1.01 Entry into a Material Definitive Agreement.
Indenture and Notes
On March 12, 2024, Avid Bioservices, Inc. (the “Company”) completed its previously announced private offering (the “Offering”) of $160.0 million aggregate principal amount of 7.00% Convertible Senior Notes due 2029 (the “Notes”). The Notes were issued pursuant to an indenture, dated March 12, 2024 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee.
The Notes are senior unsecured obligations of the Company and will mature on March 1, 2029, unless earlier converted or repurchased. The Notes will accrue interest payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2024, at a rate of 7.00% per year. The Notes are convertible at the option of the holders at any time before the close of business on the business day immediately preceding September 1, 2028 only under the following circumstances: (1) during any fiscal quarter commencing after the fiscal quarter ending on July 31, 2024 (and only during such fiscal quarter), if the last reported sale price of the Company’s common stock, par value $0.001 per share (“Common Stock”), for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price for the Notes on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the Indenture) per $1,000 principal amount of the Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Common Stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events as set forth in the Indenture. On or after September 1, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the Notes may convert all or any portion of their Notes, in integral multiples of $1,000 principal amount, at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the Indenture.
The conversion rate for the Notes will initially be 101.1250 shares of Common Stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $9.89 per share of Common Stock). The initial conversion price of the Notes represents a premium of approximately 12.5% to the last reported sale price of the Common Stock on the Nasdaq Capital Market on March 6, 2024. The conversion rate for the Notes is subject to adjustment in some events in accordance with the terms of the Indenture but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur before the maturity date of the Notes, the Company will, in certain circumstances, increase the conversion rate of the Notes for a holder who elects to convert its Notes in connection with such a corporate event.
The Company may not redeem the Notes prior to the maturity date.
If the Company undergoes a fundamental change (as defined in the Indenture), then, subject to certain conditions and except as described in the Indenture, holders may require the Company to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.
The Indenture includes customary covenants and sets forth certain events of default after which the Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company after which the Notes become automatically due and payable. The following events are considered “events of default” under the Indenture:
• default in any payment of interest (not including additional interest (as defined in the Indenture)) on any Note when due and payable, and the default continues for a period of 30 days;
• default in the payment of principal of any Note when due and payable at its stated maturity, upon any required repurchase, upon declaration of acceleration or otherwise;
• the Company’s failure to comply with its obligation to convert the Notes in accordance with the Indenture upon exercise of a holder’s conversion right;
• the Company’s failure to give a fundamental change notice, notice of a make-whole fundamental change, or notice of a specified corporate transaction, in each case, when due;
• the Company’s failure to comply with its obligations in respect of any consolidation, merger or sale of assets;
• the Company’s failure to comply with any of the Company’s other agreements contained in the Notes or the Indenture for 60 days after its receipt of written notice of such failure from the trustee or the holders of at least 25% in principal amount of the Notes then outstanding;
2
• default by the Company or any subsidiary of the Company with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $10.0 million (or its foreign currency equivalent) in the aggregate of the Company and/or any such subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, and in the cases of clauses (i) and (ii), such acceleration shall not have been rescinded or annulled or such failure to pay or default shall not have been cured or waived, or such indebtedness is not paid or discharged, as the case may be, within 45 days of the occurrence thereof;
• a final judgment or judgments for the payment of $10.0 million (or its foreign currency equivalent) or more (excluding any amounts covered by insurance) in the aggregate rendered against the Company or any subsidiary of the Company, which judgment is not discharged, bonded, paid, waived or stayed within 60 days after (i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished;
• certain events of bankruptcy, insolvency, or reorganization of the Company or any of the Company’s significant subsidiaries; and
• default in the payment of additional interest on any Note when due and payable, and such default continues for a period of 30 days after written notice of such default from any holder of the Notes then outstanding has been received by the Company or the trustee.
If certain bankruptcy or insolvency-related events of default involving the Company (or any of its significant subsidiaries) occur, 100% of the principal of, and accrued and unpaid interest on, the Notes will automatically become due and payable. If an event of default with respect to the Notes, other than certain bankruptcy- or insolvency-related events of default involving the Company, occurs and is continuing, the trustee, by notice to the Company, or the holders of at least 25% in principal amount of the outstanding Notes by notice to the Company and the trustee, may, and the trustee at the request of such holders shall, declare 100% of the principal of and accrued and unpaid interest on all the outstanding Notes to be due and payable. Notwithstanding the foregoing, the Indenture provides that, to the extent the Company so elects, the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture will, for the first 360 days after the occurrence of such event of default, consist exclusively of the right to receive additional interest on the Notes at a rate equal to 0.25% per annum of the principal amount of the Notes outstanding for each day during the first 180 days after the occurrence of such an event of default and 0.50% per annum of the principal amount of the Notes outstanding from the 181st day to, and including, the 360th day following the occurrence of such event of default, as long as such event of default is continuing (in addition to any additional interest that may accrue as a result of any other default).
The Indenture provides that the Company shall not consolidate with or merge with or into, or sell, convey, transfer or lease all or substantially all of the consolidated properties and assets of the Company and its subsidiaries to another person, unless: (i) the resulting, surviving or transferee person (if not the Company) is an corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and such successor entity (if not the Company) expressly assumes by supplemental indenture all of the Company’s obligations under the Notes and the Indenture; (ii) immediately after giving effect to such transaction, no default or event of default has occurred and is continuing under the Indenture; and (iii) the Company shall have delivered to the trustee an officer’s certificate and an opinion of counsel, each stating that such consolidation, merger, sale, conveyance, transfer or lease and such supplemental indenture, if any, and instrument of assumption, if any, comply with the Indenture.
A copy of the Indenture is attached hereto as Exhibit 4.1 (including the form of the Notes attached hereto as Exhibit 4.2) and this description is qualified in its entirety by reference to such document.
Proceeds
The net proceeds from the Offering were approximately $153.5 million, after deducting the placement agent’s commissions and the estimated Offering expenses payable by the Company. The Company expects to use a portion of the net proceeds from the Offering (i) to repurchase for cash a portion of the Company’s 1.250% Exchangeable Senior Notes due 2026 (“2026 Notes”) in privately negotiated transactions from certain noteholders and (ii) to the extent there are 2026 Notes outstanding after such repurchases, to repay in full any remaining outstanding 2026 Notes by depositing the required payoff amount with the trustee under the indenture for the 2026 Notes. As described in more detail in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 6, 2024, all of the 2026 Notes have been accelerated and have become due and payable pursuant to an acceleration notice.
The Company issued a press release to announce the Offering on March 7, 2024 and issued a press release to announce the pricing of the Offering on March 7, 2024, copies of which are filed as Exhibit 99.2 and Exhibit 99.3 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 7, 2024.
3
Amendment to Credit Agreement
In connection with the Offering, on March 12, 2024, the Company, as borrower, entered into Amendment No. 2 to Credit Agreement (the “Amendment”) among the Company, the lenders party thereto and Bank of America, N.A., as administrative agent, which amends the Company’s Credit Agreement with Bank or America, N.A. (as amended, the “Amended Credit Agreement”). Pursuant to the Amendment, the Amended Credit Agreement, among other changes, (i) waives the events of default under the Credit Agreement as a result of the acceleration of the 2026 Notes, (ii) permits the issuance of the Notes and the repayment of the 2026 Notes and (iii) adjusts certain financial covenant in the Credit Agreement.
References to the terms of the Amendment and the Amended Credit Agreement are qualified in their entirety by reference to the full text of the Amendment, which is incorporated herein by reference to Exhibit 10.1.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Forward-Looking Statements
Statements in this report, which are not purely historical, including the use of proceeds from the Offering, and other statements that are not statements of historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, those related to market and other conditions; and other risks and uncertainties that are described in the Risk Factors section of our annual report on Form 10-K for the fiscal year ended April 30, 2023, as well as any updates to these risk factors filed from time to time in our other filings with the Securities and Exchange Commission. We caution investors not to place undue reliance on the forward-looking statements contained in this report, and we disclaim any obligation, and do not undertake, to update or revise any forward-looking statements in this report except as may be required by law.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number Description
4.1 Indenture, dated as of March 12, 2024, by and between the Company and U.S. Bank Trust Company, National Association, as Trustee.
4.2 Form of Global Note, representing the Company’s 7.00% Convertible Senior Notes due 2029 (included as Exhibit A to the Indenture filed as Exhibit 4.1).
10.1 Amendment No. 2 to Credit Agreement, dated as of March 12, 2024, by and among the Company, the lenders party thereto and Bank of America, N.A. as administrative Agent.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AVID BIOSERVICES, INC.
Date: March 14, 2024 By: /s/ Daniel R. Hart
I agree. As was said in the filings, there was a failure of internal controls. I would say a catastrophic failure. I expected much better of Nick. Yes, the auditors should have noted it, but it falls primarily on management.
Also 8K
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
As previously reported in a Current Report on Form 8-K filed by Avid Bioservices, Inc. (the “Company”) with the Securities and Exchange Commission on March 6, 2024, on February 29, 2024, the Company received an acceleration notice from a holder of its 1.250% Exchangeable Senior Notes due 2026 (the “2026 Notes”). The acceleration notice stipulated, among other things, that (i) the Company did not remove the restrictive legend on the 2026 Notes by March 17, 2022 as required under the indenture governing the 2026 Notes (the “2026 Notes Indenture”), (ii) due to such failure, additional interest has accrued thereafter at a rate of 0.50% per annum (the “Additional Interest”), (iii) such Additional Interest had not been paid by the Company as of the date of the Acceleration Notice, which constituted an event of default under the 2026 Notes Indenture (the “Event of Default”), and (iv) such holder is the beneficial owner of at least 25% in aggregate principal amount of the outstanding 2026 Notes and therefore has the right to accelerate all of the 2026 Notes. As a result of the Event of Default, such holder declared 100% of the principal of, and accrued and unpaid interest on, the 2026 Notes to be due and payable immediately.
The Company did not receive any notices and was not otherwise made aware of the Event of Default prior to receipt of the Acceleration Notice, and did not have an opportunity to cure the Event of Default at the time of receipt of the Acceleration Notice.
In connection with the Event of Default, the Company undertook an evaluation as to whether certain of the financial statements included in the Company’s Quarterly Reports on Form 10-Q for the quarterly fiscal periods ended October 31, 2022, January 31, 2023, July 31, 2023 and October 31, 2023, and in its Annual Report on Form 10-K for the fiscal year ended April 30, 2023 (the “FY 2023 10-K” and collectively with the foregoing Form 10-Qs, the “Relevant Reports” and the periods covered by the Relevant Reports, the “Relevant Periods”) should no longer be relied upon as a result of:
• the classification of the 2026 Notes as long-term liabilities on the applicable balance sheets within the Relevant Reports following the Event of Default; and
• the failure to reflect the Additional Interest in such financial statements (which Additional Interest, in the aggregate, was approximately $1.4 million through February 29, 2024).
The Company’s management also evaluated the effectiveness of the Company’s disclosure controls and procedures and internal control over financial reporting and the impact of the foregoing on the Company’s available cash resources, in each case as of the end of the Relevant Periods.
On March 11, 2024, the Audit Committee of the Company’s Board of Directors (the “Audit Committee”) determined, based on management’s recommendation and after consultation with Ernst & Young LLP, the Company’s independent registered public accounting firm, that as a result of the classification of the 2026 Notes as long-term liabilities, the consolidated financial statements included in the Relevant Reports should no longer be relied upon.
As a result of the information described above, the Company’s management has concluded that the Company’s disclosure controls and procedures were not effective at the reasonable assurance level and the Company’s internal control over financial reporting was not effective as of the end of each of the periods covered by the Relevant Reports, and the “Management’s Report on Internal Control Over Financial Reporting” included under Part II, Item 9A of the FY 2023 10-K should be revised to reflect this updated determination.
In connection with the above, the Company has identified a material weakness in internal control over financial reporting related to this matter. The Company’s remediation plan will be described in more detail in an amendment to the FY 2023 10-K.
2
The Company currently plans to present restated financials for certain of the Relevant Periods in an amendment to the FY 2023 10-K and to restate impacted financials for the subsequent Relevant Periods as soon as reasonably practicable.
The Audit Committee has discussed the matters described in this Form 8-K with its independent registered accounting firm, Ernst & Young LLP.
Form NT-10Q filed.
PART IV — OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this notification
Daniel R. Hart (714) 508-6100
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s). ? Yes ? No
(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? ? Yes ? No
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
Revenues for the third quarter of fiscal 2024 were $33.8 million, representing an 11% decrease as compared to revenues of $38.0 million recorded in the same prior year period and a 33% increase as compared to revenues of $25.4 million recorded in the second quarter of fiscal 2024. For the first nine months of fiscal 2024, revenues were $96.9 million, a decrease of approximately 11% compared to $109.5 million in the same prior year period. The decrease in revenues for the third quarter and nine months ended January 31, 2024 compared to the same prior year periods was primarily attributed to fewer manufacturing runs and a reduction in process development services from early-stage customers. Additionally, the first nine months revenues were also impacted by a reduction of revenue for changes in estimated variable consideration under a contract where uncertainties have been resolved.
Gross profit for the third quarter of fiscal 2024 was $2.4 million (7% gross margin), compared to $9.8 million (26% gross margin) in the third quarter of fiscal 2023 and a gross loss of $4.7 million (negative 18% gross margin) in the second quarter of fiscal 2024. Gross profit for the first nine months of fiscal 2024 was $1.8 million (2% gross margin), compared to a gross profit of $23.1 million (21% gross margin) for the same period during fiscal 2023. The decrease in gross margin for the three and nine months ended January 31, 2024 compared to the same prior year periods was primarily driven by fewer manufacturing runs, a reduction in process development services from early-stage customers, and an increase in our costs related to expansions of both the Company’s capacity and technical capabilities. Gross margins during the nine months ended January 31, 2024, were also impacted by a reduction of revenue for changes in estimated variable consideration under a contract where uncertainties have been resolved, a terminated project relating to the insolvency of one of the Company’s smaller customers, and a delay in the ability to recognize revenues of a customer product pending the implementation of a process change.
Selling, general and administrative (“SG&A”) expenses for the third quarter of fiscal 2024 were $6.4 million, a decrease of 10% compared to $7.1 million recorded for the third quarter of fiscal 2023 and a decrease of 3% compared to $6.6 million recorded for the second quarter of fiscal 2024. SG&A expenses for the first nine months of fiscal 2024 were $19.2 million, a decrease of approximately 6% compared to $20.3 million recorded in the same prior year period. The decrease in SG&A for both the three and nine months ended January 31, 2024 compared to the same prior year periods was primarily due to decreases in compensation and benefit related expenses, and consulting fees.
Operating loss for the third quarter of fiscal 2024 was $4.0 million, a decrease compared to operating income of $2.7 million recorded for the third quarter of fiscal 2023 and an increase compared to an operating loss of $11.2 million recorded for the second quarter of fiscal 2024. Operating loss for first nine months of fiscal 2024 was $17.4 million compared to operating income of $2.8 million for the first nine months of fiscal 2023. The decrease in operating income for the three and nine months ended January 31, 2024 compared to the same prior year periods was driven by a decrease in gross profit partially offset by reduced SG&A.
Last regular hours trade
03/07/2024 16:00:00 EST X 6.10 224442 NSD
AVID BIOSERVICES ANNOUNCES PROPOSED PRIVATE PLACEMENT OF CONVERTIBLE NOTES
TUSTIN, Calif., March 06, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO), announced today that it intends to offer, subject to market conditions and other factors, $160 million aggregate principal amount of Convertible Senior Notes due 2029 (the “2029 Notes”) in a private placement (the “Offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The company expects to price the Offering before open of market on March 7, 2024.
The 2029 Notes will represent senior unsecured obligations of the company and will accrue interest payable semiannually in arrears. Upon conversion, the company will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election. The interest rate, initial conversion rate and other terms of the notes will be determined at the time of pricing of the Offering.
The company expects to use the net proceeds from the Offering (i) to repurchase for cash a portion of its 1.250% Exchangeable Senior Notes due 2026 (the “2026 Notes”) in privately negotiated transactions from certain noteholders and (ii) to the extent there are 2026 Notes outstanding after such repurchase, to repay in full any remaining outstanding 2026 Notes by depositing the required payoff amount with the trustee under the indenture of the 2026 Notes.
In connection with the repurchase or repayment of the 2026 Notes, the company expects to unwind its capped call transactions with respect to the 2026 Notes with the applicable counterparties. In connection with any such termination, the company expects the counterparties to such capped call transactions and/or their respective affiliates will unwind various derivatives with respect to the company’s common stock and/or sell shares of the company’s common stock concurrently with such termination. This activity could decrease the market price of the company’s common stock at that time.
The 2029 Notes and any shares of the company’s common stock issuable upon conversion of the 2029 Notes have not been and will not be registered under the Securities Act, any state securities laws or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction. Further, this press release is not an offer to repurchase the 2026 Notes. As described in the Current Report on Form 8-K filed by the company on March 6, 2024, all of the 2026 Notes have been accelerated and became due and payable pursuant to an acceleration notice the company received from a holder of the 2026 Notes on February 29, 2024.
AVID BIOSERVICES ANNOUNCES CERTAIN PRELIMINARY FINANCIAL RESULTS FOR THIRD QUARTER ENDED JANUARY 31, 2024
TUSTIN, Calif., March 06, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced preliminary earnings estimates for the third quarter and nine months ended January 31, 2024.
The company expects results in the third quarter of fiscal 2024 to include:
Revenues & Backlog
Revenues for the third quarter of fiscal 2024 were $33.8 million, representing an 11% decrease as compared to revenues of $38.0 million recorded in the same prior year period and a 33% increase as compared to revenues of $25.4 million recorded in the second quarter of fiscal 2024. For the first nine months of fiscal 2024, revenues were $96.9 million, a decrease of approximately 11% compared to $109.5 million in the same prior year period. The decrease in revenues for the third quarter and nine months ended January 31, 2024 compared to the same prior year periods was primarily attributed to fewer manufacturing runs and a reduction in process development services from early-stage customers. Additionally, the first nine months revenues were also impacted by a reduction of revenue for changes in estimated variable consideration under a contract where uncertainties have been resolved.
The company’s commercial team signed multiple new orders during the third quarter of fiscal 2024, totaling approximately $41 million net, and resulting in record high revenue backlog of $206 million, representing an increase of 17% compared to $176 million at the end of the same quarter last year. These orders span a broad range of the company’s capabilities and are primarily from later-stage projects. The company anticipates a significant amount of its backlog will be recognized as revenue over the next five fiscal quarters.
Gross Profit
Gross profit for the third quarter of fiscal 2024 was $2.4 million (7% gross margin), compared to $9.8 million (26% gross margin) in the third quarter of fiscal 2023 and a gross loss of $4.7 million (negative 18% gross margin) in the second quarter of fiscal 2024. Gross profit for the first nine months of fiscal 2024 was $1.8 million (2% gross margin), compared to a gross profit of $23.1 million (21% gross margin) for the same period during fiscal 2023. The decrease in gross margin for the three and nine months ended January 31, 2024 compared to the same prior year periods was primarily driven by fewer manufacturing runs, a reduction in process development services from early-stage customers, and an increase in our costs related to expansions of both the company’s capacity and technical capabilities. Gross margins during the nine months ended January 31, 2024, were also impacted by a reduction of revenue for changes in estimated variable consideration under a contract where uncertainties have been resolved, a terminated project relating to the insolvency of one of the company’s smaller customers, and a delay in the ability to recognize revenues of a customer product pending the implementation of a process change.
Selling, General and Administrative (SG&A) Expenses
SG&A expenses for the third quarter of fiscal 2024 were $6.4 million, a decrease of 10% compared to $7.1 million recorded for the third quarter of fiscal 2023 and a decrease of 3% compared to $6.6 million recorded for the second quarter of fiscal 2024. SG&A expenses for the first nine months of fiscal 2024 were $19.2 million, a decrease of approximately 6% compared to $20.3 million recorded in the same prior year period. The decrease in SG&A for both the three and nine months ended January 31, 2024 compared to the same prior year periods was primarily due to decreases in compensation and benefit related expenses, and consulting fees.
Operating Income (Loss)
Operating loss for the third quarter of fiscal 2024 was $4.0 million, a decrease compared to operating income of $2.7 million recorded for the third quarter of fiscal 2023 and an increase compared to an operating loss of $11.2 million recorded for the second quarter of fiscal 2024. Operating loss for first nine months of fiscal 2024 was $17.4 million compared to operating income of $2.8 million for the first nine months of fiscal 2023. The decrease in operating income for the three and nine months ended January 31, 2024 compared to the same prior year periods was driven by a decrease in gross profit partially offset by reduced SG&A.
Other Items
The company is maintaining revenue guidance for full fiscal year 2024 of $137mm to $147mm.
On January 31, 2024, Avid reported cash and cash equivalents of $30.7 million, compared to $38.5 million on April 30, 2023.
During the quarter, Avid marked the completion of its cell and gene therapy (or CGT) facility, representing the final step in a three-year expansion program that has dramatically increased the company’s service offerings and revenue generating capacity. Avid estimates that its combined mammalian and CGT facilities now have a total revenue generating capacity of up to approximately $400mm annually.
About?Avid Bioservices, Inc.
Avid Bioservices (NASDAQ:CDMO) is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biologics. The company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With 30 years of experience producing biologics, 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 cell line development, upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. www.avidbio.com
Heads should roll. Unbelievable.
Not the filing we were expecting.
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
On February 29, 2024, Avid Bioservices, Inc. (the “Company”) received an acceleration notice (the “Acceleration Notice”) from a holder of its 1.250% Exchangeable Senior Notes due 2026 (the “2026 Notes”). The Acceleration Notice stipulates, among other things, that (i) the Company did not remove the restrictive legend on the 2026 Notes by March 17, 2022 as required under the indenture governing the 2026 Notes (the “2026 Notes Indenture”), (ii) due to such failure, additional interest has accrued thereafter at a rate of 0.50% per annum (the “Additional Interest”), (iii) such Additional Interest has not been paid by the Company as of the date of the Acceleration Notice, which constitutes an event of default under the 2026 Notes Indenture (the “Event of Default”), and (iv) such holder is the beneficial owner of at least 25% in aggregate principal amount of the outstanding 2026 Notes and therefore has the right to accelerate all of the 2026 Notes.
As a result of such interest payment default and pursuant to the terms of the 2026 Notes Indenture, such holder declared 100% of the principal of, and accrued and unpaid interest on, the 2026 Notes to be due and payable immediately (the “Acceleration Event”). The accelerated amount, inclusive of principal and interest due and payable, as of February 29, 2024, the date of acceleration, was approximately $146.0 million and accrues interest at 2.75% per annum until paid in full.
The Company did not receive any notices and was not otherwise made aware of the Event of Default prior to receipt of the Acceleration Notice, and did not have an opportunity to cure the Event of Default at the time of receipt of the Acceleration Notice.
As a result of the Acceleration Event, such occurrence also resulted in a cross-default under the Company’s Credit Agreement with Bank of America, N.A. (the “Revolving Lender”). No amounts are outstanding under the Company’s Credit Agreement. The Company has provided notice of default to the Revolving Lender of such default on March 4, 2024 and is in discussions with the Revolving Lender regarding a waiver with respect to such default; however, the Company cannot guarantee a resolution on a timely basis, on favorable terms or at all. If the Company is not able to come to a resolution with the Revolving Lender, the Revolving Lender may terminate all commitments to extend credit to the Company under the Credit Agreement.
Item 8.01 Other Events.
Previously Issued Financial Statements
In connection with the Event of Default described above, the Company is currently evaluating whether certain of the financial statements included in the Company’s Quarterly Reports on Form 10-Q for the quarterly fiscal periods ended October 31, 2022, January 31, 2023, July 31, 2023 and October 31, 2023, and in its Annual Report on Form 10-K for the fiscal year ended April 30, 2023 (collectively, the “Relevant Reports”) should no longer be relied upon as a result of:
·
the classification of the 2026 Notes as long-term liabilities on the applicable balance sheets within the Relevant Reports following the Event of Default; and
·
the failure to reflect the Additional Interest in such financial statements (which Additional Interest, in the aggregate, is approximately $1.4 million through February 29, 2024).
The Company's management is also evaluating the effectiveness of the Company’s disclosure controls and procedures and internal control over financial reporting and the impact of the foregoing on the Company’s available cash resources, in each case as of the end of each of the periods covered by the Relevant Reports.
The Company is working to complete its analysis as soon as reasonably practicable. In the event the Company determines that some or all of the Relevant Reports should no longer be relied upon, or if the Company’s independent registered public accounting firm, Ernst & Young LLP, determines that either of its reports included in the Company’s Annual Report on Form 10-K for the year ended April 30, 2023 (the “FY 2023 10-K”) should no longer be relied upon, the Company will report such matters in a Current Report on Form 8-K within four business days of such determination.
In light of the foregoing, the Company may not be able to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2024, particularly in the event the Company determines that some or all of the financial statements included in the Relevant Reports must be restated.
They haven’t announced the call,so I assume it wil be next week sometime. We are due for a good call.
It isn’t a free and fair market? Shocking! I’ll make cub’s day as he so enjoys it when stocks go down….i have some shares of SNOW and it was down $44 yesterday.
Date/Time Price Shares Exch/Mkt
02/29/2024 9:27:29 EST I 8.22 1 ARCA
02/29/2024 9:27:21 EST I 8.2236 1 NDD
02/29/2024 9:24:32 EST I 8.28 1 ARCA
02/29/2024 9:21:15 EST I 8.28 2 ARCA
02/29/2024 9:20:09 EST I 10.00 15 NDD
02/29/2024 9:20:09 EST I 10.00 48 NDD
02/29/2024 1:51:52 EST I 7.84 1
AH activity
02/28/2024 17:08:11 EST W 7.84 132177 NDD
02/28/2024 17:01:18 EST I 7.99 5 NSD
02/28/2024 16:58:33 EST T 7.70 100 NDD
02/28/2024 16:54:38 EST I 7.99 5 NSD
02/28/2024 16:54:38 EST I 7.99 5 NSD
02/28/2024 16:44:02 EST I 7.72 5 ARCA
02/28/2024 16:43:59 EST I 7.74 5 ARCA
02/28/2024 16:29:48 EST I 7.90 5 ARCA
02/28/2024 16:20:00 EST T 7.84 260 NDD
02/28/2024 16:01:44 EST P 7.84 394 NDD
02/28/2024 16:01:40 EST P 7.84 3566 NDD
02/28/2024 16:01:32 EST I 7.84 73 NDD
02/28/2024 16:00:16 EST I 7.84 3 NDD
02/28/2024 16:00:16 EST P 7.84 1186 NDD
02/28/2024 16:00:16 EST P 7.84 348 NDD
02/28/2024 16:00:14 EST P 7.84 822 NDD
02/28/2024 16:00:14 EST I 7.84 1 NDD
02/28/2024 16:00:02 EST T 7.84 193 NDD
02/28/2024 16:00:00 EST T 7.84 147 NDD
02/28/2024 16:00:00 EST T 7.84 382 NDD
HALO is looking stronger this week. From 35.20 on 2/20 to 40.31 today. Hopefully due to products made by CDMO.
454 volume. Odd to see trades at times listed. Head fake I assume but it would be nice to be real.
02/23/2024 8:20:00 EST I 8.7566 10 NDD
02/23/2024 8:19:51 EST I 8.45 1 CBOE EDGX
02/23/2024 8:17:39 EST I 8.45 4 CBOE EDGX
02/23/2024 8:17:03 EST I 8.16 30 CBOE EDGX
02/23/2024 8:16:31 EST I 8.56 1 CBOE EDG
02/23/2024 7:53:23 EST I 8.27 1 NDD
02/23/2024 6:56:41 EST I 9.0433 2 NDD
02/23/2024 5:37:41 EST I 9.0426 50 NDD
02/23/2024 5:25:49 EST I 9.0433 1 NDD
02/23/2024 4:57:04 EST I 9.0424 61 NDD
02/23/2024 4:54:50 EST I 9.0432 10 NDD
02/23/2024 4:39:49 EST I 9.0433 1 NDD
02/23/2024 4:25:44 EST I 7.99 1 ARCA
02/23/2024 4:25:44 EST I 8.05 1 NSD
02/23/2024 4:14:06 EST I 7.75 10 ARCA
02/23/2024 3:44:11 EST I 8.26 1 NDD
02/23/2024 3:43:37 EST I 8.26 30 NDD
02/23/2024 3:35:22 EST I 8.26 50 NDD
02/23/2024 3:35:22 EST I 8.26 3 NDD
02/23/2024 3:35:22 EST I 8.47 37 NDD
02/23/2024 3:35:22 EST I 8.47 15 NDD
02/23/2024 3:29:32 EST T 8.47 136 NDD
02/23/2024 3:25:13 EST I 8.27 2 NDD
02/23/2024 3:01:14 EST I 8.27 1 NDD
02/23/2024 2:29:37 EST I 8.27 10 NDD
02/23/2024 1:58:48 EST I 8.02 2 NDD
02/23/2024 1:51:42 EST I 8.02 1 NDD
02/23/2024 1:51:42 EST I 8.02 1 NDD
02/23/2024 1:51:27 EST I 8.02 50 NDD
02/23/2024 1:21:24 EST I 7.78 9 NDD
02/23/2024 1:17:09 EST I 8.02 1 NDD
02/23/2024 1:15:54 EST I 7.83 1 NDD
02/23/2024 0:08:35 EST I 8.27 1 NDD
02/23/2024 0:05:55 EST I 8.27 3
Institutional shares 102.99%
https://fintel.io/so/us/cdmo#google_vignette
Interesting the bid is 7.64 for 2000 shares.
Also interesting T Rowe Price added 750 K shares. II down to 92.74%.
2024-02-14 13G T. Rowe Price Investment Management, Inc. 3,607,653 4,352,252 20.64 6.90 18.9
02/14/2024 16:19:09 EST T 7.62 18900 NDD
02/14/2024 16:07:41 EST T 7.62 28200 NDD
02/14/2024 16:07:30 EST T 7.62 94300 NDD
02/14/2024 16:07:22 EST T 7.62 141400 NDD
02/14/2024 16:02:58 EST T 7.62 46768 NDD
02/14/2024 16:02:45 EST T 7.62 46768 NDD
02/14/2024 16:00:00 EST X 7.62 173397
As of 9/30/23 per nasdaq.com
Owner Name
Date
Shares Held
Change (Shares)
Change (%)
Value (In 1,000s)
Vanguard Group Inc 9/30/2023 4,427,022 13,190 0.299% $29,307
Laughing Water Capital - Avid Bioservices: Substantial Future Earnings Power, Strong Competitive Position
Feb. 08, 2024 9:55 AM ETAvid Bioservices, Inc. (CDMO) Stock
Fund Letter Stock Ideas profile picture
Fund Letter Stock Ideas
11.19K Followers
Summary
Avid Bioservices was by far our biggest loser in 2023.
Avid recently issued an investor presentation that provides more insights into their late phase pipeline and backlog continues to grow.
CDMO has proven that it is a good operator, and the pipeline is robust.
In all cases, there is plenty to go around, and insiders seem to agree as there has been insider buying recently.
Hands of robot and human holding big data of global network connection. Cooperation between people and machine technology concept. AI technology development and global robotic science.
Sasiistock/iStock via Getty Images
The following segment was excerpted from this fund letter.
Avid Bioservices (NASDAQ:CDMO)
Avid, our large molecule Contract Drug Manufacturing Organization, was by far our biggest loser in 2023.
After several years of investment, the Company completed a capacity expansion program just as early phase biotech spending was curtailed, largely due to higher interest rates. This led the Company to cut guidance, which led to a sell-off that caused the Company to be removed from the small-cap SP600, which of course led to forced selling by indexers. The market is now fixated on ~$143M of 1.25% convertible debt that will mature in March of 2026. The combination of higher costs tied to increased capacity and reduced revenue is not good in front of debt maturity.
However, for the first time, Avid recently issued an investor presentation that provides more insights into their late phase pipeline, backlog continues to grow, and recent industry comments suggest that early phase spending is rebounding hard.i
In the immediate term Avid will need to match increased revenue with stair-step increases in OpEx, but in the not-too-distant future massive operating leverage will kick in, allowing as much as 70% of incremental revenue to drop to the EBITDA line.ii From there, Avid’s brand new facilities will ensure that CapEx is minimal, and substantial NOLs will shield taxes leading to high FCF conversion. At maturity with a high commercial mix these cash flows are annuity-like and deserving of a high multiple, representing the potential for multi-bagger gains from here.
To be clear, the debt will need to be addressed, and there is a wide range of potential outcomes on how that might happen. In my mind, all of them represent significant upside, although they are not without mark-to-market risk. If things go very very wrong it is not impossible that the Company will need to raise dilutive equity.
At the same time, the Company has proven that it is a good operator, and the pipeline is robust, so it is entirely possible that Avid is able to effortlessly replace the convert with traditional bank debt, which could mean avoiding the dilution that would have come with the $21.21 convert, assuming shares do not recover to that level. It is also possible we wind up with something in the middle, such as rolling the convert to a lower strike price. In all cases, the future earnings power is substantial, the trend toward biologic drugs is unstoppable, and Avid’s competitive position is strong. Filling capacity is very much a “when” not an “if.”
The debt situation means that a few years from now the per share cash flow from this filled capacity could be a little higher or a little lower depending on what shape the refinancing takes and if there is dilution attached, but in my mind worrying too much about this is like worrying too much about how 4 people will split 7 large pizzas; in all cases, there is plenty to go around. Insiders seem to agree as there has been insider buying recently.
https://seekingalpha.com/article/4668592-avid-bioservices-stock-future-earnings-power-strong-competitive-position?mailingid=34279117&messageid=2800&serial=34279117.2958&utm_campaign=rta-stock-article&utm_medium=email&utm_source=seeking_alpha&utm_term=34279117.2958
NOVO HOLDINGS TO ACQUIRE CATALENT
Catalent Stockholders to Receive $63.50 Per Share in Cash, Representing a 47.5% Premium to the 60-day Volume-Weighted Average Price as of February 2, 2024
Catalent, Inc. (NYSE: CTLT), a leader in enabling the development and supply of better treatments for patients worldwide, and Novo Holdings, a holding and investment company that is responsible for managing the assets and wealth of the Novo Nordisk Foundation, today announced that they have entered into a merger agreement under which Novo Holdings will acquire Catalent in an all-cash transaction that values Catalent at $16.5 billion on an enterprise value basis.
Transaction Overview
Novo Holdings will acquire all outstanding shares of Catalent for $63.50 per share in cash. The purchase price represents a premium of 16.5% to the closing price of Catalent’s common stock as of February 2, 2024, the last trading day prior to this announcement, and a 47.5% premium to the 60-day volume-weighted average price as of February 2, 2024.
In addition, the purchase price represents a premium of 39.1% to the closing price of Catalent’s common stock on August 28, 2023, the last trading day prior to Catalent’s announcement that its Board of Directors formed a Strategic and Operational Review Committee to conduct a review of Catalent’s business, strategy and operations, as well as Catalent’s capital-allocation priorities with a view towards maximizing value for all Catalent stockholders.
Of Catalent’s more than 50 global sites, Novo Holdings intends to sell three Catalent fill-finish sites and related assets acquired in the merger to Novo Nordisk (CPH: NOVO), in which Novo Holdings has a controlling interest, shortly after the closing of the merger. These three sites are located in Anagni, Italy; Bloomington, Indiana, USA; and Brussels, Belgium.
This transaction is aligned with Novo Holdings’ strategy of investing in established life science companies with strong long-term potential.
Alessandro Maselli, President and Chief Executive Officer of Catalent, said: “Over the past several years, Catalent has built a comprehensive end-to-end offering of services and capabilities to drive innovation in the healthcare system and improve patient outcomes. This transaction is a testament to our team’s hard work and dedication to this mission, and I am incredibly excited for this next step in our journey. We look forward to benefiting from Novo Holdings’ significant resources to accelerate investment in our business and enhance key offerings as we continue to offer premium development and manufacturing solutions for pharma and biotech customers.”
John Greisch, Executive Chair of the Catalent Board and Chair of the Strategic and Operational Review Committee, said: “This transaction delivers significant, certain and premium value to our stockholders. Novo Holdings believes in our vision and will provide Catalent with a strong foundation as we continue developing, manufacturing and supplying top products.”
Novo Holdings has a proven track record of successfully investing in the life sciences sector. Importantly, Novo Holdings’ purpose is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.
Kasim Kutay, CEO of Novo Holdings, said: “We are excited to partner with Catalent as it enters a new phase of growth and accelerates its mission to develop, manufacture and supply products that help people live better and healthier lives. With our expertise and track record of investing in high quality life sciences businesses, we believe Catalent is a very good strategic fit. We are excited to support the Company’s stakeholders in the years ahead, especially employees and customers as they work to develop new products to benefit patients. As engaged investors committed to productive relationships with all our partners, we look forward to working with the Catalent team to realise the Company’s full potential.
Importantly, our acquisition of Catalent is aligned with our mandate to invest in high quality life sciences companies for the benefit of the Novo Nordisk Foundation’s mission and philanthropic causes.”
Marc Steinberg, Partner at Elliott Investment Management L.P., said: “As a significant investor in Catalent, Elliott fully supports the transaction announced today. We believe that this transaction, which is the culmination of a process led by the Strategic and Operational Review Committee of the Catalent Board, clearly maximizes value for Catalent stockholders. We commend Catalent’s Board and management team for delivering this outstanding outcome.”
Transaction Details
The merger is expected to close towards the end of calendar year 2024, subject to customary closing conditions, including approval by Catalent stockholders and receipt of required regulatory approvals. The transaction is not subject to any financing contingency.
Following an evaluation of possible value-maximizing alternatives, the Catalent Board unanimously determined that the transaction with Novo Holdings, which delivers a premium and certain cash value, is in the best interest of Catalent. Accordingly, the Catalent Board unanimously recommends that Catalent stockholders vote in favor of the merger.
In addition, Elliott Investment Management L.P. and certain of its affiliates have entered into a support agreement pursuant to which they have agreed to vote their shares of Catalent common stock in favor of the merger.
Following the closing of the merger, shares of Catalent will no longer trade on the New York Stock Exchange and Catalent will become a private company.
Second Quarter 2024 Financial Results
Catalent’s second quarter 2024 earnings results are expected to be issued on February 9, 2024. In light of the announced transaction, Catalent will not host an earnings conference call. Catalent’s second quarter 2024 earnings press release will be available on its investor relations website at http://investor.catalent.com .
Advisors
Citi and J.P. Morgan are acting as financial advisors to Catalent. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Catalent and Jones Day is serving as legal advisor to the Catalent Board of Directors. Morgan Stanley is acting as financial advisor to Novo Holdings and Goodwin Procter LLP is serving as legal advisor to Novo Holdings.
About Novo Holdings
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.
Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development.
As of year-end 2022, Novo Holdings had total assets of EUR 108 billion.
www.novoholdings.dk
About the Novo Nordisk Foundation
Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people’s health and the sustainability of society and the planet. The Foundation’s mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support a green transformation of society.
www.novonordiskfonden.dk/en
About Catalent
Catalent, Inc. is a global leader in enabling pharma, biotech, and consumer health partners to optimize product development, launch, and full life-cycle supply for patients around the world. With broad and deep scale and expertise in development sciences, delivery technologies, and multi-modality manufacturing, Catalent is a preferred industry partner for personalized medicines, consumer health brand extensions, and blockbuster drugs. Catalent helps accelerate over 1,500 partner programs and launch over 150 new products every year. Its flexible manufacturing platforms at over 50 global sites supply approximately 70 billion doses of nearly 8,000 products annually. Catalent’s expert workforce of nearly 18,000 includes more than 3,000 scientists and technicians. Headquartered in Somerset, New Jersey, the company generated nearly $4.3 billion in revenue in its 2023 fiscal year.
Jennison sold 2.1 mil shares last Q.
Jennison Associates Llc 12/31/2023 101,147 -2,169,738 -95.546% $685
Both reduced their positions according to fintel
Prev
Shares Latest
Shares ? Shares
(Percent) Ownership
(Percent) ? Ownership
(Percent)
2024-01-26 13G/A AltraVue Capital, LLC 3,302,960 2,974,333 -9.95 4.70 -11.32
2024-01-25 13G/A STATE STREET CORP 5,123,806 4,784,239 -6.63 7.57 -7.91