 TUSTIN, Calif., March 08, 2021 GLOBE NEWSWIRE -- Avid Bioservices, Inc. NASDAQ:CDMO NASDAQ:CDMOP the company, a dedicated biologics contract development and manufacturing organization CDMO working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced that its wholly-owned subsidiary, Avid SPV, LLC the Issuer, intends to sell, subject to market and other conditions, 125 million aggregate principal amount of exchangeable senior notes due 2026 the notes in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended the Securities Act. The Issuer also intends to grant the initial purchasers of the notes a 13-day option to purchase up to an additional 18.75 million aggregate principal amount of the notes. 