- Lonza has agreed to sell its Capsules & Health Ingredients (CHI) business to Lone Star Funds for an enterprise value of CHF 2.3 billion, receiving CHF 1.7 billion in upfront cash proceeds while retaining a 40% stake in the business.
- The divestment forms part of Lonza’s strategy to transform into a pure-play CDMO, following several recent portfolio disposals.
Lonza has entered into a definitive agreement to divest its Capsules & Health Ingredients (CHI) business to Lone Star Funds for an enterprise value of CHF 2.3 billion (USD 3 billion). The company will receive CHF 1.7 billion (USD 2.2 billion) in upfront cash proceeds and retain a 40% stake in the business, with additional preferential participation in its future exit.
The transaction marks the final step in Lonza’s strategy to transform into a pure-play contract development and manufacturing organisation (CDMO). The company said the divestment follows earlier agreements to sell its Personalised Medicines business, the Cocoon® Platform, the MODA® software platform, and a small molecules micronisation site in Monteggio, Switzerland.
Lonza said the total undiscounted value of proceeds from the full exit from CHI — including upfront proceeds, future sale of its retained stake, and preferential participation in exit proceeds — is expected to be at or above CHF 3 billion (approximately USD 4 billion). Following the transaction, the company will operate across three integrated CDMO business platforms supported by its Lonza Engine® operating model.
“With the sale of CHI and the three other recent divestments, in less than two years we have reshaped our company and activated our vision of One Lonza as a pure-play CDMO.”
Wolfgang Wienand, CEO of Lonza
The upfront proceeds will be added to Lonza’s discretionary cash pool to support organic growth and bolt-on acquisitions aligned with its CDMO strategy. The company also plans to return CHF 500 million to shareholders through a share buyback after receiving the proceeds. The transaction is expected to close in the second half of 2026, subject to regulatory approvals and completion of the legal separation of the CHI business.
