Merck KGaA is selling five US CDMO sites to Lonza, while Samsung Biologics has secured shareholder backing for its CHF1.46 billion takeover of peptide manufacturer PolyPeptide. PharmaLogic has also agreed to buy a radiopharmaceutical manufacturing business that Lantheus acquired only last year.

The three deals offer buyers different sources of value: manufacturing capacity with room to grow, an established business with strong customer demand, and a facility supported by a continuing supply agreement.

This week’s Market Watch examines what these differences mean for the buyers, the commercial risks involved and the wider pharmaceutical outsourcing market.

Visiongain Top Takeaways

• Lonza fills a gap in its US network: Five CDMO sites will add specialist bioconjugation and other manufacturing capabilities, with CHF250 million in annual sales expected in 2028.
• Samsung targets established peptide demand: PolyPeptide’s revenue grew 41.6% in the first half of 2026, although metabolic therapeutics accounted for more than two-thirds of sales.
• PharmaLogic secures a manufacturing deal with a supply agreement: Its planned acquisition of Lantheus’s New Jersey facility includes a long-term agreement to produce an FDA-approved cancer therapy.

Lonza Moves to Fill Its US Bioconjugation Gap

Lonza has agreed to acquire five US CDMO sites from Merck KGaA for an enterprise valuation in the low to mid hundreds of millions of Swiss francs. The transaction, expected to close in mid-2027, will increase its US manufacturing network from four to nine sites and add approximately 1,100 employees.

The facilities provide expertise in bioconjugation, which includes attaching drug molecules to antibodies, and high-potency payload-linkers, the components used to connect potent drugs to those antibodies. They also offer viral-vector manufacturing and advanced drug-delivery technologies.

Lonza had already identified a gap in its US operations. In October 2026, management described the domestic bioconjugation market as attractive but undersupplied and was considering further investment to expand its capabilities.

The Merck acquisition provides existing facilities, experienced staff and customer programmes in a market where developing new manufacturing operations can take years.

However, the sites have room for greater utilisation. Lonza expects approximately CHF250 million in sales in 2028, at a core EBITDA margin below its group level and with an insignificant impact on group earnings.

Management expects the acquired business to reach its future group margin level by the mid-2030s, supported by additional customer programmes and further investment as demand develops.

Merck, meanwhile, is concentrating its Life Science business on technologies, consumables and services. It will retain BioReliance contract testing and continue supplying pharmaceutical manufacturers and CDMOs.

Lonza’s immediate advantage is access to specialist US manufacturing capabilities. Its longer-term financial performance will depend on attracting sufficient new business to make greater use of the facilities.

Samsung’s PolyPeptide Bid Targets a Growing Peptide Business

Samsung Biologics is preparing to acquire Swiss peptide manufacturer PolyPeptide for CHF1.46 billion. Shareholders representing 97.66% of issued shares have accepted the offer, with completion expected in late 2026 or Q1 2027, subject to outstanding conditions.

The acquisition would extend Samsung beyond large-scale biologics manufacturing into peptide-based active pharmaceutical ingredients, adding operations across Europe, the US and India.

PolyPeptide’s first-half results show why the business has attracted investment. Revenue rose 41.6% to €236.6 million in the first six months of 2026, while EBITDA increased from €4.4 million to €49.1 million. The latter figure included a €9.2 million gain from an exceptional sale of intangible assets.

Metabolic therapeutics, including GLP-1 medicines, accounted for 68.4% of revenue. This exposure has supported rapid growth, but also leaves PolyPeptide heavily reliant on demand from one therapeutic area.

The company is already operating its new large-scale peptide manufacturing facility in Belgium at its target utilisation rate. Commercial revenue increased 35.8% in the first half, reflecting demand from existing programmes.

That makes Samsung’s acquisition different from Lonza’s. Samsung is buying a business with substantial manufacturing demand already in place, rather than facilities that need higher utilisation.

Further growth will nevertheless require investment. PolyPeptide spent €41.3 million on capital expenditure during the first half, equivalent to 17.5% of revenue, with expansion projects continuing across its international network.

Samsung gains an established position in peptide manufacturing at a time of strong demand for metabolic medicines. The opportunity extends beyond GLP-1 therapies, although developing a broader therapeutic portfolio will be important to reducing PolyPeptide’s reliance on this market.

PharmaLogic to Acquire Manufacturing Lantheus Bought Last Year

PharmaLogic has agreed to acquire Lantheus’s CDMO business and radiopharmaceutical manufacturing facility in Springfield, New Jersey. Announced on 9 November 2026, the transaction remains subject to closing conditions. Financial terms were not disclosed.

Lantheus acquired the facility through its purchase of Evergreen Theragnostics in April 2025, partly to strengthen its control over radiopharmaceutical manufacturing.

It is now transferring the CDMO operations to PharmaLogic while retaining access to production through a long-term supply agreement.

PharmaLogic’s Agilera business will manufacture BRAVNETSA (lutetium Lu 177 dotatate), which received final FDA approval in September 2026. The treatment is approved for certain neuroendocrine tumours and has been determined by the FDA to be therapeutically equivalent to Lutathera.

The Springfield site will extend Agilera’s US therapeutic manufacturing operations. Agilera already supplies a commercial radiopharmaceutical therapy to more than 30 countries, giving PharmaLogic an established international production and distribution business.

The sale also comes amid wider corporate changes at Lantheus. In August 2026, the company announced a proposed merger with Curium, valued at up to US$8 billion, which would combine complementary radiopharmaceutical businesses. The merger remains pending, and no direct connection between the two transactions has been established.

Lantheus has also outlined plans to focus primarily on radiodiagnostics while considering alternatives for its radiotherapeutic assets.

Selling the Springfield CDMO operations allows Lantheus to retain access to specialist production without continuing to own the manufacturing business. PharmaLogic gains an established US facility and the opportunity to develop additional customer relationships through its wider network.

What Do These Acquisitions Mean for Pharma Customers?

Pharmaceutical companies using these CDMOs will need to establish whether existing quality agreements, technical teams and production commitments will remain unchanged following the acquisitions. Future investment plans will also affect the capacity available for new and existing programmes.

Larger manufacturing networks may offer additional services, but access to qualified production capacity for a particular drug remains the more immediate consideration.

Market Outlook

Visiongain forecasts the global pharmaceutical contract manufacturing market to grow from US$171.00 billion in 2026 to US$367.06 billion by 2036, representing a compound annual growth rate of 7.9%.

Specialist markets offer different growth prospects. Visiongain’s separate studies forecast annual growth of 12.7% in peptide contract manufacturing and 9.7% in protein contract manufacturing over the same period. These forecasts cover distinct, potentially overlapping markets.

The outlook provides context for the latest CDMO acquisitions, but forecast demand is not the same as secured manufacturing business. Existing customer programmes, available capacity and the investment required to expand production will determine how individual businesses benefit from market growth.

Visiongain Insight

The commercial value of a CDMO acquisition depends on more than the manufacturing technology or facilities changing hands.

Underused facilities require additional customer programmes to generate returns. A business already operating at high utilisation may need substantial investment to expand, while heavy exposure to one therapeutic market creates its own risks. Long-term supply agreements can provide greater revenue visibility, but their value depends on the volumes, pricing and commitments involved.

These distinctions are important for buyers and investors assessing specialist manufacturing businesses. The questions are how much revenue is already secured, what additional business can realistically be won and how much capital will be needed to deliver it.

From Visiongain: Contract Manufacturing & CDMOs

Visiongain’s Contract Manufacturing & CDMO Intelligence Hub brings together market analysis, industry developments and research covering pharmaceutical outsourcing, specialist manufacturing and competitive positioning.

Related Market Intelligence

• Pharmaceutical Contract Manufacturing Market Report 2026–2036 – Global and regional forecasts, market segmentation and competitive analysis.
• Biopharmaceuticals Contract Manufacturing Market Report 2026–2036 – Biologics manufacturing, outsourcing services and competitive positioning.
• Protein Contract Manufacturing Market Report 2026–2036 – Protein manufacturing demand, market opportunities and regional growth.
• Peptide Contract Manufacturing Market Report 2026–2036 – Peptide manufacturing, specialist technologies and future market demand.

The reports provide detailed forecasts and competitive intelligence to support market assessment, business development, competitor benchmarking and investment decisions.

Explore the CDMO Intelligence Hub or select an individual report to request free sample pages.

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