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The Swiss contract development and manufacturing organization (CDMO) Lonza has agreed to buy the drug services business of Germany’s Merck KGaA. The purchase will give Lonza five new manufacturing sites in the US, doubling the company’s US presence.
The parties are not disclosing an exact price, describing the value of the business as "in the low- to mid-triple-digit millions Swiss francs." One Swiss franc is worth about $1.22. "We are acquiring it at an enterprise valuation which we believe is very attractive, considering the value-creation potential of these assets," said Lonza CEO Wolfgang Wienand on an investor call following the announcement, calling the deal on track with the company’s One Lonza strategy.