Webster Equity takes Lifecore Biomedical private at $6.28 a share plus CVRs

MedDevice Startups Staff · 1 day ago · 2 min read · Via Lifecore Biomedical press release

Webster Equity Partners agreed to buy Lifecore Biomedical for $6.28 a share in cash, a 49.5 percent premium to the prior close. The two announced the deal on September 28. Contingent value rights could take the payout to $9.67 a share, or up to $663.7 million in total.

The CVRs are non-tradable and hang on three milestones: $30 million on a 2028 revenue target, $45 million on a 2029 revenue target and $85 million on a 2030 EBITDA target. Series A preferred holders take about $50.2 million in cash plus CVR rights. MidCap Financial Trust, MSD Partners and Alcon Research committed the financing.

Lifecore is a contract developer and manufacturer of injectables and hyaluronic acid, with more than 40 years in the business. CEO Paul Josephs said the deal supports the next phase of growth as programs reach commercialization by the end of 2028. Alcon appearing in the financing stack is the line worth reading twice, because it puts a device maker behind the capacity its own supply depends on. Close is expected in Q4 2026 after a stockholder vote.

Questions & Answers

How much is Webster Equity Partners paying for Lifecore Biomedical?

Webster Equity Partners is paying $6.28 per share in cash for Lifecore Biomedical, a 49.5 percent premium to the prior close. Contingent value rights could lift the total to $9.67 per share, or up to $663.7 million.

What are the CVR milestones in the Lifecore Biomedical acquisition?

Lifecore Biomedical stockholders receive non-tradable CVRs paying $30 million on a 2028 revenue milestone, $45 million on a 2029 revenue milestone and $85 million on a 2030 EBITDA milestone.

When is the Webster Equity acquisition of Lifecore Biomedical expected to close?

Webster Equity Partners and Lifecore Biomedical expect the deal to close in the fourth quarter of 2026, subject to a stockholder vote and regulatory clearance.

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