Lonza to Sell Capsules & Health Ingredients (CHI) to Lone Star Funds for CHF 2.3B, Completing Pure-Play CDMO Pivot

Lonza agreed to divest its Capsules & Health Ingredients business to private-equity firm Lone Star Funds for an enterprise value of CHF 2.3 billion, retaining a 40% stake and receiving CHF 1.7 billion upfront. The deal, expected to close in H2 2026, completes Lonza's transformation into a pure-play pharmaceutical CDMO.

On 6 March 2026, Lonza entered into a definitive agreement to divest its Capsules & Health Ingredients (CHI) business — including its Capsugel nutraceutical and health-ingredient manufacturing operations — to private-equity firm Lone Star Funds for an enterprise value of CHF 2.3 billion (approximately USD 3.0 billion).

Under the transaction structure, Lonza will receive upfront proceeds of CHF 1.7 billion and retain a 40% stake in the divested business, with additional preferential participation in a future exit. The transaction is expected to close in the second half of 2026, subject to regulatory approvals and completion of the required separation process.

Lonza said the divestiture completes its transformation into a pure-play pharmaceutical CDMO, with proceeds earmarked for organic growth investment and bolt-on acquisitions in its continuing business. The move aligns with a broader industry trend in which legacy Western CDMOs divest non-core assets — alongside transactions such as Novo Holdings' acquisition of Catalent — to concentrate on high-margin CDMO operations.

For the CDMO sector, the transaction underscores the attractiveness of specialized pharmaceutical supply-chain assets to financial investors, particularly those with strong market positions, recurring demand, specialized technology and high barriers to entry amid renewed emphasis on supply-chain resilience.