Ajinomoto Co., Inc. to Acquire Forge Biologics for $620 Million1
Ajinomoto Co., Inc. ("Ajinomoto Co."; TYO: 2802) and Forge Biologics (Forge), announced today that they have entered into a definitive agreement by which Ajinomoto Co., will acquire Forge, a leading manufacturer of genetic medicines, in an all-cash deal for $620 million1.
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.
“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.”
“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,” said Yasuyuki Otake, Corporate Executive, General Manager of Bio-Pharma Services Department of Ajinomoto Co. “We look forward to working with Forge’s incredibly talented team and state-of-the-art specialized manufacturing facility to expand our platform technologies aimed to help realize Ajinomoto’s ‘Purpose’ of contributing to the well-being of all human beings, our society, and our planet.”
“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,” said Chris Garabedian, Chairman and CEO of Xontogeny and Chairman of Forge’s Board of Directors. “This acquisition in the current biotech market is a remarkable testament to the technical advancements, world-class facility, and experienced capable leadership at Forge.”
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.
About Ajinomoto
The Ajinomoto Group will contribute to the well-being of all human beings, our society and our planet with “AminoScience” based on the corporate slogan “Eat Well, Live Well.” The Ajinomoto Group has offices in 36 countries and regions, and sells products in more than 130 countries and regions. In fiscal 2022, sales were 1.3591 trillion yen (10.0 billion U.S. dollars). To learn more, visit www.ajinomoto.com.
About Forge Biologics
Forge Biologics is a hybrid gene therapy contract manufacturing and clinical-stage therapeutics development company focused on enabling access to life-changing gene therapies. Forge was founded in 2020 and is headquartered in the cell and gene therapy hub of Columbus, Ohio. Its 200,000 square foot facility, the Hearth, is dedicated to AAV manufacturing with 20 custom-designed cGMP suites. Offerings include scalable, end-to-end manufacturing services including process and analytical development, cGMP viral vector manufacturing, final fill, plasmid DNA manufacturing, as well as regulatory consulting support to accelerate gene therapy programs from preclinical through clinical and commercial stage manufacturing. Forge aims to accelerate the timelines of transformative medicines for patients with genetic diseases. To learn more, visit www.forgebiologics.com.
- $620 million is the enterprise value of Forge on a cash-free and debt-free basis. Please note that acquisition price attributable to Forge unitholders (equity value) is approximately $554 million, which is expected to be the amount adjusted at the time of executing the acquisition, as stipulated in the merger agreement.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231112506083/en/
Contact information
Media Inquiries
Marina Corleto
Associate Director, Marketing and Communications
media@forgebiologics.com
Business Development
Magdalena Tyrpien
Senior Vice President and Head of Business Development
mtyrpien@forgebiologics.com
Client Development
John Maslowski
Chief Commercial Officer
CD@forgebiologics.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
EIG’s MidOcean Energy to Acquire Interest in LNG Canada from PETRONAS30.9.2025 18:57:00 EEST | Press release
MidOcean Energy (“MidOcean”), a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced it has entered into definitive agreements to acquire a 20% interest in PETRONAS’ key entities in Canada. The transaction includes a 20% interest in the North Montney Upstream Joint Venture (“NMJV”), which hold PETRONAS’ upstream investment in Canada, and a 20% interest in the North Montney LNG Limited Partnership (“NMLLP”), which holds PETRONAS’ 25% participating interest in the LNG Canada Project. LNG Canada is Canada’s first LNG export project and represents a strategically significant development supplying LNG into Asia at a competitive cost of supply. LNG Canada shipped its first LNG cargo earlier this year. The NMJV is a partnership that holds more than 800,000 gross acres of mineral rights with 53 trillion cubic feet of reserves and contingent resources. Following completion of the transact
AT&T Selects STREAMWIDE to Power the FirstNet Next-Generation Mission-Critical Application for Public Safety in the U.S.30.9.2025 18:45:00 EEST | Press release
AT&T has selected STREAMWIDE to power its next-generation mission-critical solution for FirstNet®, Built with AT&T, the only network built with and for America’s first responders. Currently FirstNet supports more than 30K public safety agencies and organizations. Based on the 3GPP standard for mission-critical services (MCX), which includes push-to-talk, video, data, and command & dispatch, the solution introduces next-generation capabilities that go far beyond traditional radio networks currently used by first responders, including police, fire, EMS, and other critical services. Through this collaboration, AT&T integrates STREAMWIDE’s field-proven mission-critical technology into its portfolio, creating a cutting-edge solution designed for the most demanding environments. Key benefits for public safety and mission-critical organizations include: 3GPP-compliant MCX services offering push-to-talk, secure multimedia, geolocation, real-time video, secure messaging, and more – across a lar
Metr: Crowdfunding to Combat Rising Energy Costs30.9.2025 17:07:00 EEST | Press release
Landlords and tenants are facing tough times at the start of the new heating season: heating and CO2 costs are forecast to rise significantly. At the same time, the EU has revised its Buildings Directive. The building sector must reduce its CO2 emissions to meet climate targets. Berlin-based PropTech company metr offers a solution for greater energy efficiency without extensive building restoration: digital heating optimization enables energy savings of up to 35 percent in existing building stock. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250930569771/en/ Private individuals can support the development of energy efficiency solutions for existing buildings while benefiting as investors from the company’s increasing value. metr develops technologies that make buildings up to 35% more efficient – a cost-effective alternative to expensive building renovations. Nearly 70 organizations, including Deutsche Telekom, the German
Cicero & Bernay Marks 20 Years with an Identity Built for Tomorrow30.9.2025 16:54:00 EEST | Press release
Cicero & Bernay (C&B), a communication advisory redefining how brands connect strategy, design, and digital intelligence, celebrates 20 years with a renewed role built for today’s fast-changing business environment. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250930935923/en/ Ahmad Itani, CEO and Founder of C&B (Photo: AETOSWire) This evolution goes beyond a new look. It establishes C&B as a partner where facts create foresight, and creativity turns it into influence. With every discipline connected under one approach, the consultancy moves forward as: Empowered by Facts. Ahmad Itani, CEO and Founder of C&B, said, “Our new identity is a declaration of who we are today. For years, we let the facts speak. Now, they give us the perspective to look ahead and act as true strategic advisors. We guide when it matters most, giving clients the freedom to focus on ambition while knowing we see the bigger picture.” For 20 years, C&B
Andersen Consulting Expands Capabilities in Mauritius and Seychelles30.9.2025 16:30:00 EEST | Press release
Andersen Consulting bolsters its capabilities with the addition of collaborating firm Perigeum Capital Ltd, a leading corporate finance advisory firm headquartered in Mauritius with an office in Seychelles. Perigeum Capital provides a comprehensive suite of professional services including corporate finance advisory, capital markets solutions, M&A, valuation, IT consulting, compliance, corporate governance, and ESG advisory. With expertise across local, regional, and international regulatory landscapes, the firm works with organizations throughout their growth and transformation journeys. The firm's capabilities are strengthened by specialized knowledge in technology—including AI, cybersecurity, and data and analytics—enhancing the depth and resilience of its core advisory services. This integrated approach makes Perigeum Capital a single and reliable resource for comprehensive advisory and technology solutions. “Collaborating with Andersen Consulting enables us to offer our clients a t
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom