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M&A Deal Summary

Ajinomoto Acquires Forge Biologics

On November 13, 2023, Ajinomoto acquired life science company Forge Biologics for 620M USD

Acquisition Highlights
  • This is Ajinomoto’s 3rd transaction in the Life Science sector.
  • This is Ajinomoto’s 2nd largest (disclosed) transaction.
  • This is Ajinomoto’s 5th transaction in the United States.
  • This is Ajinomoto’s 1st transaction in Ohio.

M&A Deal Summary
Date 2023-11-13
Target Forge Biologics
Sector Life Science
Buyer(s) Ajinomoto
Deal Type Add-on Acquisition
Deal Value 620M USD
Advisor(s) Centerview Partners (Financial)
Ice Miller (Legal)

Target

Forge Biologics

Grove City, Ohio, United States
Forge Biologics 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. Forge Biologics was founded in 2020 and is based in Grove City, Ohio.

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Buyer(S) 1

Buyer

Ajinomoto

Tokyo, Japan
Category Company
Founded 1909
Sector Food
Employees34,860
Revenue 1.53T JPY (2025)
DESCRIPTION

Ajinomoto is a manufacturer of high-quality seasonings, processed foods, beverages, amino acids, pharmaceuticals and specialty chemicals. Ajinomoto was incorporated in 1909 and is based in Tokyo, Japan.

DEAL STATS #
Overall 8 of 10
Sector: Life Science M&A 3 of 3
Type: Add-on Acquisition M&A Deals 5 of 6
State: Ohio M&A 1 of 1
Country: United States M&A 5 of 5
Year: 2023 M&A 1 of 1
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-26 Ajinomoto Animal Nutrition Europe S.A.S.

Paris, France

Ajinomoto Animal Nutrition Europe selects and produces amino acids through fermentation processes. It proposes and combines them to create solutions that respond to the specific issues related to swine, poultry, ruminant, and fish farming.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-24 Enhanced Medical Nutrition

Toronto, Ontario, Canada

Enhanced Medical Nutrition commercializes evidence-based products to support postsurgery physical recovery, and is dedicated to pioneering a new standard of care where nutrition therapy is leveraged to reduce risks of complications, accelerate recovery, and enhance overall patient outcomes. Enhanced Medical Nutrition was formed in 2016 and is based in Toronto, Ontario.

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