Lonza completes $4.5 billion specialty ingredients divestment
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FILE PHOTO: The logo of Swiss pharmaceutical group Lonza is seen at its headquarters in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann/File Photo
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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