Avid Bioservices Inc (NASDAQ:CDMO) has unveiled plans to raise just over US$20mln as it looks to expand its contract drug manufacturing business.
The Tustin, California-based company - which bulk produces approved drugs for some of the world’s leading biopharmas - is selling 9mln new shares at US$2.25 each, which should bring in US$20.25mln before expenses.
Avid said it expects to have wrapped up the offering by February 20.
The stock dipped 27.6% to US$2.35 in after-hours trading, reflecting the discount at which the new shares are being issued.
