Contract Development and Manufacturing (CDMO) Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › CONTRACT DEVELOPMENT AND MANUFACTURING (CDMO)

A Private Equity Bid Sets the Price While Listed Names Give Ground

This update covers the two-week period of September 14–28, 2026: the movers, what companies did, and the one agreed transaction.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Contract Development and Manufacturing (CDMO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › CONTRACT DEVELOPMENT AND MANUFACTURING (CDMO)

   Cover slide introducing the CDMO bi-weekly industry events and M&A update for September 14–28, 2026.

   This bi-weekly update covers the Contract Development and Manufacturing (CDMO) sector for September 14–28, 2026. We walk through what changed, what companies did, what transacted, and what it means for the people who act on it.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › CONTRACT DEVELOPMENT AND MANUFACTURING (CDMO) A Private Equity Bid Sets the Price While Listed Names Give Ground This update covers the two-week period of September 14–28, 2026: the movers, what companies did, and the one agreed transaction. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Contract Development and Manufacturing (CDMO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Cash Bid Resets the Reference Price as Most Covered Names Trade Lower

   Summarizes the two-week period on one page: seven covered names, an agreed cash transaction, and a sector-wide decline.

   Five of the seven names we track fell over the two-week period, with a median move of -8.1% against a +0.8% S&P 500 return, so the weakness sat across the covered set rather than in one name. The period's headline event was Lifecore Biomedical, Inc. (LFCR) agreeing to a $6.28 per share cash acquisition, a stated 49.5% premium, in a deal valued at up to $663.7 million — shares ended the period +53.4%. Codexis, Inc. (CDXS) also signed a manufacturing agreement for stereo-defined siRNA, showing platform work continued through the repricing. So what: the agreed transaction, not sentiment alone, is the reference point for how the sector is being priced this period.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Cash Bid Resets the Reference Price as Most Covered Names Trade Lower The two-week period in one page · 7 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Contract Development and Manufacturing (CDMO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 5 of 7 Covered Names Fell; The Median Move Was -8.1% The S&P 500 returned +0.8% over the same two-week period. Weakness ran across the covered set rather than sitting in a single name. 2 A Cash Bid Put a Stated Premium on a Listed Manufacturer Lifecore Biomedical, Inc. (LFCR) agreed to be acquired for $6.28 per share in cash, a stated 49.5% premium, in a transaction valued at up to $663.7 million. The shares ended the two-week period +53.4%. 3 Platform Work Kept Moving While the Listed Set Repriced Codexis, Inc. (CDXS) announced an agreement with an siRNA drug innovator to use its ECO Synthesis manufacturing platform for stereo-defined siRNA. The NeuraCap read: a qualified enzymatic input carries annuity-like economics inside a services income statement. 4 The Period Reads as Confirmation of the Standing View NeuraCap's sector study works on EV / Revenue for CY2027E, with a sector median of 6.2x, a Premium-tier median of 16.5x and a Discount-tier median of 0.9x. An agreed whole-business transaction landing alongside that spread is consistent with the standing thesis that whole-business deals sit apart from the listed names in size. +53.4% Best mover — Lifecore Biomedical, Inc. (LFCR) worst: ZURA -21.3% · 2 up / 5 down of 7 covered -8.1% Sector median two-week return vs S&P 500 +0.8% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record

3. 03
   PUBLIC MARKET MOVERS

   One Agreed Bid, One Move the Record Does Not Explain

   Shows the biggest individual share-price moves over the two-week period and which are explained by recorded filings or news.

   Over the two-week period, the sector median move was -8.1% against a +0.8% S&P 500 return, with a materiality bar of 21.1% on a sector-relative basis. One name's cash bid explains its outsized move, while another move sits without a recorded driver in the filings and headlines we track. We link every attributed move to the filing or article behind it, and where no driver is on record, we say so rather than guess. So what: the record separates one explained, agreed-price move from names still finding a level on their own.

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   PUBLIC MARKET MOVERS One Agreed Bid, One Move the Record Does Not Explain Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -8.1% · S&P 500 +0.8% · materiality bar ±21.1% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Contract Development and Manufacturing (CDMO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -8.1% Lifecore Biomedical, Inc. (LFCR) +53.4% Shares moved following the September 28 announcement that Lifecore Biomedical, Inc. (LFCR) agreed to be acquired by Webster Equity Partners for $6.28 per share in cash, a stated 49.5% premium. The biggest single day was Sep 28, at +55.2%. Private capital will pay a stated premium for a listed manufacturer when the cash flows and the capex are legible. COMPANY-SPECIFIC Zura Bio Limited (ZURA) -21.3% No notable in-window news was identified that clearly explains the move. Zura Bio Limited (ZURA) returned -21.3% against a covered-set median of -8.1%. A Premium-tier name can give back ground over a two-week period with no visible catalyst in the record. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Agreements, Boards and a Bid: What Companies Actually Did

   Lists the two-week period's highest-impact company events, each linked to its underlying filing or article.

   This page walks through the two-week period's highest-impact events — agreements, board actions and the one agreed acquisition — each tied to the filing or article that recorded it. We rank sources in a fixed order of reliability, starting with SEC filings and press releases, and we never draw on video or social platforms. Each 'why it matters' line is our read of the recorded evidence, not the evidence itself. So what: this is the shortest path to knowing what companies actually did this period, in order of consequence.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Agreements, Boards and a Bid: What Companies Actually Did The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Contract Development and Manufacturing (CDMO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 28 · NEWS · GlobeNewsWire Codexis signs an siRNA drug innovator onto its ECO Synthesis enzymatic manufacturing platform The agreement puts a proprietary enzymatic process to work on stereo-defined siRNA, a modality where qualified capability is constrained. Owning the input layer of a customer process is a different business from selling suite hours. Sep 28 · NEWS · GlobeNewsWire Lifecore Biomedical agrees to a cash take-private by Webster Equity Partners A private equity buyer agreed to acquire a listed manufacturer outright at a stated 49.5% premium. The clearest price signal in the sector this period came from a buyer, not from the trading screen. Sep 28 · NEWS · Business Wire Shareholder law firm opens a review of whether the agreed Lifecore price is fair to holders Reviews of this kind commonly follow an agreed cash transaction. What matters for the sector is whether the announced terms hold, because a completed deal is what enters the precedent record. Announced terms become a reference point for the sector only once they survive to closing. Sep 28 · NEWS · PRNewsWire Second law firm reviews the Lifecore buyout price, insider benefits and limits on competing offers The review names restrictions on competing offers, which is the part of a take-private that determines whether other buyer types get a look. How open a process is influences how much the resulting price tells the rest of the sector. Sep 23 · NEWS · GlobeNewsWire MeiraGTx appoints a healthcare portfolio manager to its board of directors A board addition drawn from the investment side signals a Premium-tier name sharpening how it is positioned with capital markets. Board composition is a readable signal of where a company thinks its next stage of capital comes from. Sep 14 · NEWS · GlobeNewsWire Lyell Immunopharma takes a slot at a global healthcare investor conference Stepping onto an investor stage signals a late-stage clinical company putting its pipeline position in front of the capital that funds early-phase demand across the sector. Sponsor-side funding conditions set the pace of the clinical program book that manufacturers fill.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Buyer Agrees to Take a Listed Manufacturer Private in Cash

   Details the period's one agreed transaction and places it against 40 recorded precedent deals.

   The two-week period recorded one agreed transaction by company announcement: a buyer taking a listed manufacturer private in an all-cash deal. We hold this against a precedent set of 40 recorded transactions, using LTM multiples at announcement where disclosed. Our read on why the deal happened is drawn from the recorded evidence, not asserted as certainty, and we do not re-present older transactions as new. So what: this is the one price a buyer was willing to pay this period, and it now sits inside the reference set for what the sector is worth.

   Everything on this page

   M&A & STRATEGIC ACTIVITY A Buyer Agrees to Take a Listed Manufacturer Private in Cash September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 40 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Contract Development and Manufacturing (CDMO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 28 · Lifecore Biomedical, Inc. (LFCR) Webster Equity Partners agrees to acquire Lifecore Biomedical (LFCR) for $6.28 per share in cash The announced price carries a stated 49.5% premium, in a transaction valued at up to $663.7 million. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 40 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisers

   Translates the two-week period into distinct implications for operators, acquirers and advisers.

   For owners and operators, the measures behind the wide trading range are the familiar ones — suite and line utilization, book-to-bill, backlog duration and conversion from clinical to commercial work. For acquirers, the reference set gained one agreed whole-business price this period: Lifecore Biomedical, Inc. (LFCR) at $6.28 per share, a stated 49.5% premium, valued at up to $663.7 million. For advisers, the two pieces of evidence to lead with are that agreed cash take-private and the Codexis, Inc. platform agreement, against a backdrop where 5 of 7 covered names fell and the median move was -8.1%. So what: each audience now has a distinct, evidence-based starting point for its next conversation.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisers The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Contract Development and Manufacturing (CDMO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2027E) median 6.2x 11 companies in the study 3 valuation tiers Standing thesis: Contract Development and Manufacturing: eight innovator names, two sterile capacity names, one wide price range FOR OWNERS & OPERATORS The Operating Measures Behind the Range Are the Familiar Ones Companies in the sector traded across a wide range over the two-week period. The measures that sit underneath it are suite and line utilization, book-to-bill, backlog duration and cancellation terms, and clinical-to-commercial conversion. FOR ACQUIRERS The Reference Set Gained One Agreed Whole-Business Price Lifecore Biomedical, Inc. (LFCR) agreed to a cash take-private at $6.28 per share, a stated 49.5% premium, valued at up to $663.7 million. FOR ADVISORS Lead with the Agreed Transaction and the Platform Agreement The theme is straightforward: a buyer set the price while the listed set gave ground — 5 of 7 covered names fell; the median move was -8.1%. The two pieces of evidence to lead with are the agreed cash take-private and the Codexis, Inc.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind every figure and statement in this update.

   Every figure in this update links back to the filing, press release or market data point it was taken from, and we list the publishers and filings drawn on for the period. Prices and returns run close-to-close through 2026-09-28, and driver attributions use calibrated language rather than asserted causation. So what: readers can verify any number in this deck against its original source before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Contract Development and Manufacturing (CDMO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 4 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T212021Z_573_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · businesswire.com · prnewswire.com

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