Ajinomoto To Acquire US-based Forge Biologics For $546 Million

Ajinomoto Co., Inc. of Japan and Forge Biologics (Forge) of the United States announced a formal agreement under which Ajinomoto Co. would purchase Forge, a leading maker of genetic medicines, for $620 million in cash. 

Forge 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’s 200,000 square foot custom-designed cGMP facility in Columbus, Ohio, where the business has over 300 employees, as per businesswire. 

"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," said Timothy J. Miller, Ph.D., CEO, President, and Co-founder of Forge. "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 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 will become a fully consolidated subsidiary of Ajinomoto Co., Inc. Centerview Partners LLC served as lead financial advisor and Ice Miller LLP served as legal advisor to Forge in the transaction. Chardan Capital Markets LLC also provided financial advice.