Ajinomoto Co., Inc. and Forge Biologics announced on November 13 that they have entered into a definitive agreement by which Ajinomoto will acquire Forge Biologics in an all-cash deal for $620 million.
Forge Biologics is a viral vector and plasmid contract development and manufacturing organization (CDMO) and clinical-stage therapeutics company, enabling access to potentially life-changing gene therapies by bringing them from concept to reality. All development and manufacturing is done at the Hearth, Forge Biologics’ 200,000 square-foot custom-designed cGMP facility in Columbus, Ohio, where the CDMO has more than 300 employees.
Ajinomoto Co. is a global manufacturer of high-quality seasonings, processed foods, beverages, amino acids, pharmaceuticals and specialty chemicals. Ajinomoto operates in 36 countries worldwide and employs more than 34,100 people. The company had a revenue of approximately $10 billion during FY 2022.
The transaction, which is expected to be completed by the end of the fourth quarter of 2023, is subject to customary closing conditions, including regulatory approvals. Upon completion, Forge Biologics will become a fully consolidated subsidiary of Ajinomoto.
Centerview Partners LLC served as lead financial advisor and Ice Miller LLP served as legal advisor to Forge Biologics in the transaction. Chardan Capital Markets LLC also provided financial advice to Forge Biologics.
According to data captured in the LevinPro HC database, this transaction marks the 18th CDMO transaction of the year. This is a 40% decrease from last year when there were 30 CDMO deals reported between January 1, 2022, and November 13, 2022.
