Minnesota-based contract development and manufacturing organization (CDMO) Lifecore Biomedical, which specializes in sterile injectable products, has entered into an agreement to be acquired by private equity firm Webster Equity Partners for up to $663.7 million.

The transaction is expected to close in the fourth quarter of 2026, subject to stockholder and regulatory approvals and other closing conditions. Under the agreement, the CDMO will remain headquartered in Chaska, Minnesota, and continue operating under the Lifecore name and brand.

The acquisition comes as Lifecore expands its pipeline of commercial and late-stage sterile injectable programs. On Sept. 3, the company announced a technical transfer agreement with an undisclosed global pharmaceutical company for a marketed injectable product. The program is expected to begin generating commercial revenue in 2028 and represents Lifecore’s seventh late-stage commercial program, according to the company.

Lifecore said in August that contractually committed fill-finish demand from its largest customer is expected to double in 2027 from 2026 levels and increase by more than 200% in 2028. The company operates a GMP-ready isolator filling line for vials, cartridges, and prefilled syringes that more than doubled its sterile injectable production capacity.

The merger agreement includes a 30-day “go-shop” period during which Lifecore and its advisers may solicit and negotiate alternative acquisition proposals. The transaction remains subject to the terms of the merger agreement and required approvals.