Ajinomoto Co., Inc. to Acquire Forge Biologics for $620 Million1
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COLUMBUS, Ohio ~ Ajinomoto Co., Inc. and Forge Biologics have announced that they have entered into a definitive agreement for Ajinomoto Co. to acquire Forge in an all-cash deal for $620 million.

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.

Timothy J. Miller, Ph.D., CEO, President, and Co-founder of Forge said that "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".

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Yasuyuki Otake, Corporate Executive, General Manager of Bio-Pharma Services Department of Ajinomoto Co., said that "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".

Chris Garabedian, Chairman and CEO of Xontogeny and Chairman of Forge's Board of Directors said that "This is a tremendous step to drive Forge's next phase of growth that will maximize the impact they have on their mission for clients and patients".

The transaction is expected to be completed by the end of the fourth quarter of 2023 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 while Chardan Capital Markets LLC also provided financial advice.
Filed Under: Business

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