Lonza agreed to divest its Capsules & Health Ingredients (CHI) business to Lone Star Funds in a transaction valued at CHF 2.3 billion (~$3 billion), retaining a 40% stake and planning to reinvest proceeds into its CDMO platforms. CEO Wolfgang Wienand described the move as the final step in Lonza’s transformation into a pure‑play contract developer and manufacturer. The deal will provide substantial upfront proceeds, a planned share buyback and funds for targeted acquisitions to strengthen specialized modality capabilities. Closing is expected in the second half of 2026, and Lonza framed the transaction as part of a broader portfolio simplification that includes earlier divestments. Strategic context: the sale frees operational focus and capital for high‑margin, complex biologics manufacturing at a time when CDMO capacity and advanced‑modalities demand remain high.