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Lonza completes $4.5 billion specialty ingredients divestment – Metro US

Lonza completes $4.5 billion specialty ingredients divestment

FILE PHOTO: Logo of Swiss pharmaceutical group Lonza is seen
FILE PHOTO: Logo of Swiss pharmaceutical group Lonza is seen in Basel

ZURICH (Reuters) – Lonza has completed the divestment of its specialty ingredients business to Bain Capital and Cinven for an enterprise value of 4.2 billion Swiss francs ($4.53 billion), the Swiss contract drug maker said on Friday.

The deal, announced in February, came as the Swiss contract drug manager pledged to focus on its faster-growing drugs and biotech unit.

“As the divestment of the Specialty Ingredients business completes, at Lonza we have an opportunity to consolidate our identity and redouble our focus on long-term growth,” Chairman Albert Baehny said in a statement on Friday.

($1 = 0.9262 Swiss francs)

(Reporting by Brenna Hughes Neghaiwi, editing by John Revill)

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