Webster Equity Partners has agreed to acquire Nasdaq-listed Lifecore Biomedical in a take-private transaction valued at up to $664 million. Stockholders will receive $6.28 per share in cash, a premium of approximately 49.5% to Lifecore’s closing price on September 25. Contingent value rights (CVRs) offer up to $160 million more, tied to revenue-based milestones in 2028 and 2029 and an EBITDA-based milestone in 2030. If all milestones are met, stockholders could receive up to $9.67 per share.

Chaska, Minnesota-based Lifecore Biomedical is a CDMO specializing in sterile injectable drugs. Webster plans to combine its resources with Lifecore’s expertise, said partner Matthew Beer. The deal includes a 30-day go-shop period. Debt commitments come from Mid Cap Financial Trust, MSD Partners and Alcon Research, with equity from Webster funds. Lifecore will delist from Nasdaq but keep its Chaska headquarters and name.

The transaction is expected to close at the end of 2026. Bourne Capital Partners is exclusive M&A adviser to Lifecore, with Craig-Hallum Capital Group also advising. Ballard Spahr and Zukerman Gore Brandeis & Crossman are legal counsel. Morgan Stanley is exclusive financial adviser to Webster, with Goodwin Procter as legal counsel.