Webster Equity Partners to Acquire Lifecore Biomedical for $663.70 Million

Lifecore Biomedical, Inc. (LFCR) entered into a merger agreement on September 28, 2026, to be acquired by Webster Equity Partners, in a deal valued at $663.70 million.

Deal Structure:

Lifecore common stockholders will receive $6.28 per share in cash at closing plus one non-tradable contingent value right (CVR) per share. The upfront cash payment represents a premium of 49.52% from the stock’s last close.

CVRs provide for up to $160 million in aggregate cash payments contingent upon achieving performance milestones, with stockholders potentially receiving up to $3.39 per CVR.

Company Profile:

Lifecore Biomedical is a contract development and manufacturing organization (CDMO) that develops and manufactures sterile injectable pharmaceutical products, including complex formulations in syringes, vials, and cartridges. The company also manufactures pharmaceutical-grade hyaluronic acid for ophthalmic and orthopedic applications.

Webster Equity Partners is a middle-market private equity firm focused on investments in healthcare services companies. The firm is based in Waltham, Massachusetts, and has roughly $10.30 billion in assets under management.

Deal Details and Timeline:

Lifecore Series A Preferred Stockholders will receive, at closing, a cash payment equal to the “Conversion Amount” under the Series A Preferred Stock terms, plus one non-tradable CVR for each share of Lifecore common stock that their preferred shares could be converted into.

As of June 30, 2026, the Conversion Amount was about $50.2 million, or $6.53 per share of Lifecore common stock on a converted basis.

The Conversion Amount will be increased by dividends accrued through the closing date. The Series A Preferred Stock accrues dividends at a 7.5% annual rate, which are paid in kind.

The merger is expected to close at the end of the fourth quarter of 2026.

Webster Equity Partners has secured financing for the transaction. It has obtained debt financing commitments from MidCap Financial Trust, MSD Partners, and Alcon Research, as well as an equity financing commitment from funds advised by Webster Equity Partners.

Following closing, the company is expected to maintain its headquarters in Chaska, Minnesota, and continue operating under the Lifecore name and brand.

The merger agreement includes a 30-day “go-shop” period, ending October 28, 2026.

Lifecore was advised financially by Bourne Capital Partners and Craig-Hallum Capital Group, and received legal advice from Ballard Spahr and Zukerman Gore Brandeis & Crossman. Webster was advised by Morgan Stanley on financial matters and Goodwin Procter on legal matters.

Deal Metrics:

For a deeper understanding of the metrics involved in this M&A transaction, you can visit the Deal Metrics page here:
Deal Metrics for the acquisition of Lifecore Biomedical, Inc. (LFCR) by Webster Equity Partners

The Deal Metrics page provides comprehensive information on each merger, including:

• A chart depicting the spread history of the merger from announcement to completion or failure.
• A timeline of events, from the expiration of the HSR period to various regulatory approvals and shareholder votes.
• News updates and SEC filings related to the merger.
• A history of deal updates.
• And much more.

Disclaimer: This article is for informational purposes only. Please undertake your own due diligence before buying or selling any securities mentioned in this article. The completeness or accuracy of the content or data provided in this article is not warranted.

Editor’s Note: Baranjot Kaur contributed to this article