M&A in the Contract Manufacturing Industry: Implications and Outlook – 2026 Edition

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Published: October 27, 2026 Report Code: GDPS0054MAR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

This report is the sixth edition of our analysis of mergers and acquisitions in the pharmaceutical contract manufacturing industry. It provides strategic bio/pharmaceutical insight on M&A deals involving CMOs and CDMOs.

Scope

This 45-page report gives important, expert insight you won’t find in any other source. 11 tables and 18 figures throughout the report illustrate major points and trends. This report is required reading for:

– CMOs/CDMOs: market trends, strategic planning, competitive intelligence, performance benchmarking

– Bio/Pharma: supplier performance benchmarking, market trends, competitive intelligence

– Private equity and stock analysts: target identification and analysis, portfolio company performance benchmarking.

Reasons to Buy

Overview of M&A in the Pharma CMO Industry

Detailed view of CDMO performance by number of deals, based on GlobalData’s Deals database

Analysis of M&A and private equity investment by target’s specific manufacturing services

Ajinomoto Althea Inc
Anugraha Chemicals
Apnar Pharma LP
Aragen Life Sciences Ltd
Artis BioSolutions
Aspen Pharmacare Holdings Ltd
Athlone Laboratories Ltd
Avendus Future Leaders Fund III
Bain Capital LP
Bay Area Research Logistics
Blue Jet Healthcare Ltd
Bureau of Analysed Samples Ltd
Chemistry & Health FZ LLC
Coronation Asset Management (Pty) Ltd
Curewell Capital
DCC Healthcare Ltd
DiabTec LLC
Distributed Bio Inc
Dr. Reddy’s Laboratories Ltd
Enantia SL
Ensol Biosciences Inc
Eris Lifesciences Ltd
Eurofins Scientific SE
European Bank for Reconstruction and Development
FairJourney Biologics SA
Famar Health Care Services
Gaelic Laboratories Ltd
Genetic SpA
Genome & Co
Go Digit General Insurance Ltd
Goodfellow Cambridge Ltd
Guangdong East Sunshine Pharmaceutical Co Ltd
Hardik Desai Family Trust
Heraeus Deutschland GmbH & Co. KG
HLB Co Ltd
HLB Pep Co Ltd
IMCD NV
India Credit Opportunities Fund II
International Conveyors Limited
Inventage Lab Inc
INVACO
Jabil Inc
Kelix Bio Ltd
Kohlberg & Company LLC
Landmark Bio
PBLLC
Laprophan SA
List Biotherapeutics Inc
Livzon Pharmaceutical Group Inc
LivzonBio
Inc.
Luye Pharma Group Ltd
MCN Pharma-Beteiligungen GmbH
Megafine Pharma (P) Ltd
Mid Europa Partners LLP
Milwaukee Capital Partners
LLC
Minerva Imaging APS
MO Alternate Investment Advisors Private Limited
MPP Group LLC
Mubadala Investment Co
Nanolek LLC
NB Aurora SA SICAF RAIF
NB Renaissance (Italy)
Nordic Capital Ltd
Olympus Partners
L P
Oximio Ltd
PAI Holdings LLC
Parnell Pharmaceuticals
PCI Pharma Services
Pharmaceutics International Inc
PLANTON GmbH
Profem GmbH
Quratis Inc
Richard Bittner AG
Rivopharm SA
Sai Mirra Innopharm Pvt Ltd
SBI Life Insurance Co Ltd
Senores Pharmaceuticals Ltd
Shanghai Fosun Pharmaceutical (Group) Co Ltd
Shanghai Henlius Biotech Inc
Sino-American Shanghai Squibb Pharmaceuticals Ltd
Suisse Technology Partners AG
Swiss Parenterals Pvt Ltd
Trichem Healthcare Pvt Ltd
Trichem Life Sciences Ltd
Trident Lifeline Ltd
UBS AG – Hong Kong
Umicore NV/SA
Wilmington PharmaTech Company LLC
Yichang Hec Changjiang Pharmaceutical Co Ltd

Table of Contents

List of Tables

List of Figures

1 Executive Summary

2 Players

3 Technology Briefing

3.1 Deal types

4 Trends

5 Industry Analysis

5.1 Objectives and methodology

5.2 Overview of M&A activity in 2025

5.2.1 Target characteristics

5.2.2 Acquirer characteristics

5.2.3 Geography

5.3 Target segment close-ups

5.3.1 Multi

5.3.2 API–small molecule

5.3.3 Commercial dose manufacturing

5.3.4 API–biologic

5.4 Deal advisors

5.4.1 Top financial advisors

5.4.2 Top legal advisors

5.4.3 Valuations

5.4.4 Facility acquisitions

5.5 What it means

5.5.1 Slower, considered deal-making in 2025

5.5.2 APAC rising and India leads… for now

5.5.3 Geographic diversification is a business driver

5.5.4 Europe offers benefits, but the UK is off the table, for some CMOs

5.5.5 Private equity investment falls to five-year low

5.6 The outlook for M&A

5.6.1 API–biologic targets

6 Value Chain

7 Companies

8 Appendix

8.1 Methodology

8.2 Further reading

8.3 About the Authors

Table

Table 1: CMO M&A trends, 2025

Table 2: Company acquisitions by target service offering and year, 2021–25

Table 3: Company acquisitions by target service offering and target ownership, 2025

Table 4: Company acquisitions by target service offering and deal region, 2025

Table 5: Company acquisitions by target service offering and acquirer ownership, 2025

Table 6: Services deals with known transaction value and multiples, 2025

Table 7: Facility acquisitions by CMOs, 2025

Table 8: Private equity deals, 2025

Table 9: Potential targets: API–biologic service providers

Table 10: Company acquisitions and private equity deals, 2025

Table 11: Further reading

Figures

Figure 1: Leading acquirers in the global pharma CMO industry, 2025

Figure 2: Top M&A trends, 2025

Figure 3: CMO M&A activity, 2025

Figure 4: CMO M&A activity by year, 2021–25

Figure 5: CMO M&A activity percentage change by year, 2022–25

Figure 6: Company acquisitions by target service offering, 2025

Figure 7: Company acquisitions by target ownership, 2025

Figure 8: Company acquisitions by target ownership and service type, 2025

Figure 9: Acquisition targets by sophistication of capabilities, 2025

Figure 10: Number of acquisitions 2025 by acquirer’s core business

Figure 11: Number of acquisitions by acquirer’s ownership, 2025

Figure 12: Number of acquisitions by acquirer’s ownership and target service type

Figure 13: Number of acquisitions by target country, 2025

Figure 14: Dose forms manufactured by acquired manufacturers (all service types), 2025

Figure 15: Top financial advisors to company acquisitions, 2025

Figure 16: Top legal advisors to company acquisitions, 2025

Figure 17: Pharma CMO facility acquisitions, 2025

Figure 18: The contract manufacturing value chain

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