Shearman & Sterling represented Ajinomoto Co. Inc. in its acquisition of Forge Biologics Holdings LLC, a U.S. gene therapy contract development & manufacturing organization (CDMO), through a reverse triangular merger transaction valued at approximately $554 million. The merger was announced on Nov. 13, 2023 in a press release. The acquisition is scheduled to be completed in December 2023, subject to customary closing conditions including HSR approval.

The Ajinomoto Group is the world’s leading manufacturer of amino acids in addition to its business in foods, bioscience, fine chemicals, and pharmaceuticals and health products. The expansion of the gene therapy CDMO market is expected to continue, driven by an increasing number of clinical trials and the subsequent increase in approved drugs.

The Team