Lonza agreed on 6 March to sell its Capsules & Health Ingredients business to Lone Star Funds for an enterprise value of CHF2.3bn ($3bn), receiving CHF1.7bn in upfront cash and keeping a 40% stake.
Why Lone Star Funds (Lone Star Fund XII) is buying Lonza Capsules & Health Ingredients (60%)
Lonza chief executive Wolfgang Wienand said the sale, with three other recent divestments, completes the company's transformation into a pure-play contract development and manufacturing organisation. Lone Star chief executive Donald Quintin said CHI would benefit as a standalone company from greater strategic flexibility and dedicated investment.
Deal terms and financing
Lonza's share of exit proceeds is subordinated to Lone Star first receiving a return equal to its equity investment, after which Lonza has a preferential participation. Lonza expects total undiscounted proceeds of at least CHF3bn and plans a CHF500m share buyback once the upfront cash arrives.
Regulatory approvals and timing
Completion is expected in the second half of 2026, subject to customary regulatory approvals and the legal separation of CHI from Lonza's other operations.
Market context
Basel-based CHI operates in the Americas, Europe and Asia-Pacific across hard empty capsules, dosage form solutions and health ingredients. Lonza also agreed to sell its Cocoon personalised medicine platform, MODA software and a micronisation site in Monteggio.
