Lonza agreed to divest its Capsules & Health Ingredients (CHI) business to Lone Star Funds for CHF 2.3 billion (about $3 billion), marking a major step in the firm’s pivot to a pure‑play CDMO model. Lonza will retain a 40% stake, receive CHF 1.7 billion upfront and plans to return CHF 500 million to shareholders. CEO Wolfgang Wienand framed the move as the final step in a portfolio transformation designed to concentrate capital and operations on high‑growth contract development and manufacturing. The deal restructures Lonza’s exposure to consumer‑facing ingredients while preserving upside through the retained stake and potential future proceeds.