March 2025 Life Sciences Update

07

Are Manufacturing Changes on the Horizon?

CONTENTS

Top 10 Contract Development and Manufacturing Organizations (CDMOs)

• M&A activity in the CDMO sector has driven consolidation among major players, and the trend may be far from over, as recent deals indicate: • Novo Holdings purchased Catalent for $16.5 billion in late 2024, aiming to increase its manufacturing capacity for diabetes and obesity drugs.

Lonza Group (Switzerland)

$7.7

Thermo Fisher Scientific (U.S.)

$7.0

• BioCina and NovaCina announced a $1.2 billion merger in January 2025, with the combined global CDMO retaining the BioCina name.

Catalent (U.S.)*

$4.1

Samsung Biologics (S. Korea)

$2.7

• Despite the industry’s efforts to scale up CDMO capacity, gaps remain due to growing global demand. To fill these gaps, further M&A activity is expected. Additionally, the sector is expected to significantly leverage AI to increase efficiencies in clinical and manufacturing processes. • Global geopolitical pressures will likely shape the CDMO sector in the next few years. The U.S. government’s efforts to onshore more pharma manufacturing will likely shape the industry in the near and long term.

WiXi Biologics (China)

$2.4

Siegfried (Switzerland)

$1.5

Recipharm (Sweden)

$1.4

Fujifilm Diosynth Biotech (Japan)

$1.4

Boehringer Ingelheim (Germany)

$1.2

MilliporeSigma (Germany)

$0.9

$0

$1

$2

$3

$4

$5

$6

$7

$8

2023 Revenue in Billions (USD)

Source: Statista, Cushman & Wakefield Research; *Catalent was purchased by Novo Holdings in December 2024

37 37

Cushman & Wakefield