Lonza has entered into a definitive agreement to divest its Capsules & Health Ingredients (CHI) business to investment firm Lone Star Funds for an enterprise value of CHF 2.3 billion ($3 billion). Lonza will retain a 40% stake in the business, with additional preferential participation in its future exit.

The deal is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals.

The transaction is the last and most significant step to complete Lonza’s strategic portfolio transformation to a pure-play CDMO. Wider portfolio updates include agreements to divest the Personalized Medicines business including the Cocoon Platform to Octane Medical Group, the MODA software platform to the parent company of STARLIMS Corporation, and the small molecules micronization site in Monteggio (CH) to Microsize and Schedio Group. 

As a result, Lonza now operates across three CDMO Business Platforms, all powered by the Lonza Engine as its unique set of strengths, leveraging science, smart technology, and lean manufacturing for complex and emerging pharmaceutical modalities.

“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,” said Wolfgang Wienand, CEO, Lonza. “We are now able to laser-focus on where we are strongest and can create most value for our customers, people and shareholders. On top of receiving significant upfront proceeds for re-investment in our world-leading CDMO business, we have been able to implement attractive mechanisms for Lonza to benefit from future value creation by CHI.

“Following a rigorous process, we are confident that Lone Star brings the necessary capabilities to lead CHI into a good future and create opportunities for the colleagues departing from Lonza,” he continued. “I thank the whole CHI team for their commitment to Lonza over many years and their continued support in the upcoming transition phase.”

The company further stated that it “remains committed to serving the nutraceutical and consumer health industries as a leading global partner.”

“Deepening its resolve to keeping customers one step ahead, its business focus and operational delivery will continue uninterrupted. An important milestone for Lonza Capsugel’s evolution, it enters this transition from a position of operational strength, following recent investments that expanded global manufacturing capacity, boosted warehouse efficiency and enhanced development and commercial-scale capabilities across key regions. With the support of Lone Star, Lonza Capsugel can continue to unlock the future of nutraceuticals.”

Lone Star said that maintaining high standards of service delivery and quality for customers are a core foundation of their strategy for CHI following closing.

Lonza’s retained interest in CHI will be accounted for as an investment in an associated company with Lonza as a minority shareholder not having management control. Lonza estimated that it will recognize an extraordinary non-cash impairment including the goodwill related to CHI assets of around CHF 1.3 billion in its Financial Statements for Financial Year 2025 to be published on April 1, 2026. This effect will be allocated to discontinued operations and will not impact CORE EBITDA of continuing operations.

BofA Securities and Centerview Partners acted as joint financial advisors to Lonza.