Ajinomoto Co Inc said on Monday that it had entered into a definitive agreement to acquire Forge Biologics in an all-cash deal valued at $620 million.
Forge is a viral vector and plasmid contract development and manufacturing organization and clinical-stage therapeutics company.
“Forge has had remarkable growth since our founding in 2020, and we’re excited to join Ajinomoto Co., to continue to expand our global business of helping innovators manufacture much needed genetic medicines,” Timothy Miller, Ph.D., Chief Executive Officer, President and co-founder of Forge, said in a press release.
“Our teams share a commitment to investing in innovation that helps our clients succeed in delivering therapies to patients in need. We set out to build a company with a mission to enable access to life-changing discoveries, and this transaction will support us in advancing that mission into our next global stage of development to expand our capabilities and platform for the benefit of our clients and their patients,” the CEO added.
“Forge’s unparalleled expertise in gene therapy development and manufacturing will be a transformative addition to our core growth area of Healthcare as part of our ASV Initiatives 2030 Roadmap. Forge brings to Ajinomoto an entirely new capability that will vitally enhance our Bio-Pharma Services business and help create new value through innovative solutions for communities and society,” Yasuyuki Otake, Corporate Executive, General Manager of Bio-Pharma Services Department of Ajinomoto Co, commented.
The deal is expected to be finalized by the end of the fourth quarter of this year, subject to customary closing conditions.
Author: Miroslav MarinoffMiroslav Marinoff, a news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market and the US Stock Market.
Read More: Ajinomoto to buy Forge Biologics in $620 mln all-cash deal