NEURACAP
Sector ReportSep 28, 2026 · 21 pages · Free to read

Contract Development and Manufacturing (CDMO) Sector Outlook — September 2026

A sector outlook on the eleven listed Contract Development and Manufacturing names, covering public-market valuation on EV/Revenue (CY2027E), precedent transactions and strategic implications for owners, acquirers and boards assessing capacity and capability positioning as of September 2026.

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Key figures

6.2x
Sector median EV/Revenue (CY2027E)
6 of 11 rated companies
16.5x
Top-pair median EV/Revenue
CY2027E, top of range
0.9x
Bottom-pair median EV/Revenue
CY2027E, bottom of range
$21.8B
Largest disclosed precedent deal value
Danaher Corporation / Biopharma Business, completed

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

CDMO: The Premium Sits with Capability

How the listed names in contract development and manufacturing are priced today, and what the recorded transactions show buyers agreed to pay.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E)

Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Across the eleven listed CDMO names, EV/Revenue (CY2027E) spans a top pair near 16.5x to a bottom pair near 0.9x, against a 6.2x sector median. Eight of the eleven names sell into outsourcing demand rather than running physical capacity, and only two carry a meaningful forward EBITDA margin, making revenue the workable lens. Precedent transactions, including a $21.8B completed deal, show buyers paying well above listed scale for capacity and process capability. The evidence points to capability, not scale, as the association behind the firmer prices.

Key findings

  • Listed CDMO prices span 16.5x to 0.9x CY2027E revenue across six rated names
  • Eight of eleven listed names sell into outsourcing demand, not sterile capacity
  • Revenue is the workable lens: only two names show a meaningful EBITDA margin
  • Precedent deals reach $21.8B, well above the listed set's scale

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

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

    Cover slide introducing the CDMO sector outlook as of September 2026.

    We open with the CDMO sector as it stood on 2026-09-28, framed on an EV/Revenue (CY2027E) basis. What follows separates the names that sell capability from those that sell capacity, and shows what buyers have paid for each.

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    HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › CONTRACT DEVELOPMENT AND MANUFACTURING (CDMO) CDMO: The Premium Sits with Capability How the listed names in contract development and manufacturing are priced today, and what the recorded transactions show buyers agreed to pay. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E) Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    Contents slide listing the report's five sections plus appendix.

    This report runs five sections plus an appendix, starting with the bottom line and moving through the landscape, valuation, precedent transactions and strategic implications. We put the bottom line first so a reader who only has a minute still leaves with the full argument. So what: you can go straight to the section that matters to your decision.

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    CONTENTS What This Report Covers 01 The Bottom Line Contract Development and Manufacturing: Price Sits with Capability Rather than with Size 02 The Landscape Most of the Listed Set Sells into Outsourcing Demand Rather than Running the Suites 03 Valuation & Situations Two Names Hold the Top of the Range and Two Hold the Bottom 04 Precedent Transactions Sponsors and Strategic Buyers Have Both Been Active for Capacity and for Services 05 Strategic Implications A Wide Range Leaves Room to Move Within It, and Revenue Mix, Pricing and Margin Are the Moves That Matter 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Contract Development and Manufacturing: Eight Innovator Names, Two Sterile Capacity Names, One Wide Price Range

    Summarises the bottom line: eight innovator names, two sterile capacity names, and one wide valuation range.

    Across the six rated names, EV/Revenue (CY2027E) runs from a top pair near 16.5x down to a bottom pair near 0.9x, a spread that sits inside the innovator group as well as between groups. Eight of the eleven listed names sit on the outsourcing demand side, with the sector median at 6.2x. Only two names carry a meaningful forward EBITDA margin, so revenue is the workable lens here. So what: the premium in this set tracks evidenced capability, not simply a single year's growth forecast.

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    01 · THE BOTTOM LINE Contract Development and Manufacturing: Eight Innovator Names, Two Sterile Capacity Names, One Wide Price Range The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (6 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Two Ends of the Range Sell Different Things Across the 6 names with a forward revenue estimate, the middle of the top pair sits at 16.5x CY2027E revenue against 0.9x for the bottom pair. Both of the top pair sit in the clinical-stage innovator group, so the spread runs inside one group as well as between groups. 2 Most of the Listed Set Sits on the Demand Side 8 of the 11 listed names, 73% of the set, are clinical-stage innovators on the outsourcing demand side, and the middle of that group sits at 9.9x CY2027E revenue. Two names run sterile injectable and finished dose capacity, and one sits in agricultural chemical inputs. 3 Revenue Is the Working Lens, and It Already Credits Forecast Growth The middle of the set sits at 6.2x CY2027E revenue. Revenue is the lead lens given that only 2 of the 11 names carry a meaningful forward EBITDA, too few to form a middle figure; a forward multiple already credits forecast growth, so a premium that survives it points to durability rather than to one year's forecast. 4 Whole-Business Deals Run Far Above the Listed Names in Size Recorded transactions reach $21.8B for Danaher Corporation's completed purchase of the Biopharma Business, and earnings multiples where recorded include 17.6x for UDG Healthcare plc. Several entries are recorded as announced rather than completed, so read them as terms agreed. 6.2x Sector median EV/Revenue CY2027E consensus · EV/Revenue is the lens because only 2 of 11 names carry a meaningful forward EBITDA 16.5x Premium end EV/Revenue vs 0.9x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/Revenue — the spread the report explains 18 Transactions with disclosed terms 62 recorded in this tier · 3 told as case studies, the full list in the appendix

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    SECTION 02

    02

    Divider introducing the market map: most listed names sell into outsourcing demand rather than running capacity.

    Before we map the eleven names, it's worth resetting: three distinct businesses sit under one sector label, selling to different buyer groups. So what: the group a company sits in shapes how its multiple should be read.

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    SECTION 02 02 THE LANDSCAPE Most of the Listed Set Sells into Outsourcing Demand Rather than Running the Suites Three groups under one sector label, selling to different buyer groups. 02 of 06 Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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    02 · MARKET MAP

    Three Groups Under One Sector Label, Selling to Different Buyer Groups

    Groups all eleven approved companies by business segment and shows the median EV/Revenue (CY2027E) per group.

    We split the eleven approved names into segments and take the median EV/Revenue (CY2027E) for each group on rated names only. This shows which segment is carrying the outsourcing demand story and which is running physical capacity. So what: comparing a capacity name against a demand-side median would misread its price.

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    02 · MARKET MAP Three Groups Under One Sector Label, Selling to Different Buyer Groups 11 approved companies grouped by business segment · median EV / Revenue (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ADJACENT: CLINICAL-STAGE INNOVATORS (OUTSOURCING DEMAND SIDE) 8 cos median 9.9x Maravai (MRVI) MeiraGTx Holdings (MGTX) MacroGenics (MGNX) Zura Bio Limited (ZURA) Codexis (CDXS) eXoZymes (EXOZ) Lyell Immunopharma (LYEL) TScan Therapeutics (TCRX) The customers for outsourced capacity, 8 of the 11 listed names, and the group where forward estimates are most often available. STERILE INJECTABLE AND FINISHED DOSE MANUFACTURING 2 cos no rated names Lifecore (LFCR) BGM Group (BGM) The capacity-for-hire businesses, where fill-finish and aseptic work means earnings move with suite utilisation against a fixed GMP cost base. ADJACENT: AGRICULTURAL CHEMICAL INPUTS 1 cos 0.4x · 1 rated BioHarvest (BHST) A single adjacent name whose chemistry serves a different end market, and it prices on a different basis.

  6. 06
    02 · LANDSCAPE

    The Listed Set Is Weighted to the Demand Side, and the Capacity Names Are Thin on Coverage

    Shows that the listed set skews to the demand side while capacity names have thin valuation coverage.

    The segment view confirms the set is weighted to demand-side names, and the capacity names carry thinner rating coverage than the rest of the group. Full company-level detail sits in the appendix and companion tables. So what: thin coverage on capacity names means the listed market alone won't fully price them.

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    02 · LANDSCAPE The Listed Set Is Weighted to the Demand Side, and the Capacity Names Are Thin on Coverage Segment view of the approved universe · EV / Revenue (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Adjacent: clinical-stage innovators (outsourcing demand side) 8 73% 9.9x Maravai LifeSciences Holdings, Inc. (MRVI) · MeiraGTx Holdings plc (MGTX) · +6 more Eight names on the demand side. These are the innovators whose molecules fill other people's suites, and their order books are weighted to clinical phases. The middle of the group sits at 9.9x CY2027E revenue, and 5 of the 8 carry a forward estimate, so this is where the listed read-across is widest. Sterile injectable and finished dose manufacturing 2 18% — Lifecore Biomedical, Inc. (LFCR) · BGM Group Ltd. (BGM) Two names running real capacity. Lifecore Biomedical, Inc. (LFCR) and BGM Group Ltd. (BGM) are 18% of the listed set and neither carries a CY2027E revenue estimate here. For owners of fill-finish and aseptic assets, the pricing signal comes from the transaction record more than from these two listed peers. Adjacent: agricultural chemical inputs 1 9% 0.4x n=1 BioHarvest Sciences Inc. Common Stock (BHST) One adjacent chemistry name. BioHarvest Sciences Inc. Common Stock (BHST) is 9% of the set and sits at 0.4x CY2027E revenue. It is a reminder that the sector label gathers businesses whose end markets, contracts and buyers differ from regulated pharmaceutical supply.

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    SECTION 03

    03

    Divider introducing public market valuation: two names hold the top of the range and two hold the bottom.

    We now turn to the six names with a forward revenue estimate and rank them on CY2027E EV/Revenue. So what: the shape of that range tells you what the market is actually paying for.

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    SECTION 03 03 VALUATION & SITUATIONS Two Names Hold the Top of the Range and Two Hold the Bottom CY2027E EV / Revenue across the 6 names with a forward revenue estimate. 03 of 06 Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    The Top Pair, the Middle Pair and the Bottom Pair Sell Different Things

    Ranks all six rated companies on EV/Revenue (CY2027E) against a sector median of 6.2x.

    Sorted descending, the six rated names split into a top pair, a middle pair and a bottom pair, each effectively selling something different to the market. The sector median sits at 6.2x, and EV/Revenue is the lead lens because only two of eleven names carry a meaningful forward EBITDA. So what: reading a name's multiple against its tier, not just the sector median, changes the interpretation.

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    03 · PUBLIC MARKET VALUATION The Top Pair, the Middle Pair and the Bottom Pair Sell Different Things EV / Revenue (CY2027E) · all 6 rated companies, sorted descending · sector median 6.2x · EV/Revenue is the lens because only 2 of 11 names carry a meaningful forward EBITDA · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (6 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2027E) basis. Panel commentary is a NeuraCap view. Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 16.5x CORE · median 6.2x DISCOUNT · median 0.9x Sector median 6.2x WHAT SEPARATES THE TWO ENDS The top pair is clinical-stage. Zura Bio Limited (ZURA) and MeiraGTx Holdings plc (MGTX) sit at the top of the range, with the middle of that pair at 16.5x CY2027E revenue. A forward multiple already credits forecast growth, so a price holding at that level points to durability rather than to a single year's estimate. The bottom pair reports revenue today. Codexis, Inc. (CDXS) and BioHarvest Sciences Inc. Common Stock (BHST) sit at the bottom of the range, with the middle of that pair at 0.9x CY2027E revenue. Their prices sit alongside revenue that is already being delivered, where forecasts can be checked against what the business has shipped. Growth does not sort the ends. Among the 6 names with a forward revenue estimate, BioHarvest Sciences Inc. Common Stock (BHST) grows 37% and sits at the bottom of the range, while Zura Bio Limited (ZURA) grows 12% and sits at the top. On this sample the premium sits alongside what each business sells rather than with the growth rate.

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    03 · VALUATION DRIVERS

    What the Prices Here Sit Alongside: Utilisation Evidence, Mix and Filing Switching Costs

    Splits median EV/Revenue (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort.

    We cut the rated names at their covered median for growth and for margin, and compare the resulting group medians. These cohort splits are association, not causation, and rest on the names with the required estimates. So what: growth and margin evidence sit alongside price here, they don't fully explain it.

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    03 · VALUATION DRIVERS What the Prices Here Sit Alongside: Utilisation Evidence, Mix and Filing Switching Costs Median EV / Revenue (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Reported Profitability Is Thin Where It Shows up at All Of the 6 names with a forward revenue estimate, 2 report an EBITDA margin: Maravai LifeSciences Holdings, Inc. (MRVI) at 20% and BioHarvest Sciences Inc. Common Stock (BHST) at 6%, against a covered middle of 13%. In a business absorbing a fixed GMP cost base through suite utilisation, that gap is the operating-leverage story in one line. Growth in This Set Runs in Both Directions Among the names carrying a growth estimate, the figures run from 37% at BioHarvest Sciences Inc. Common Stock (BHST) and 19% at Codexis, Inc. (CDXS) to -1% at TScan Therapeutics, Inc. (TCRX) and -18% at MacroGenics, Inc. (MGNX). An order book weighted to early clinical phases can move on a single programme decision. A Molecule Written into a Filing Does Not Move Cheaply Once a process and a site are named in a registered filing, moving the work means a tech transfer and re-qualification, and the switching cost outlives the contract term. That durability is diligenced directly in this sector and it does not show up in a growth rate. The Capacity Names Here Are Not Priced on the Forward Lens Sterile injectable and finished dose manufacturing is 2 of the 11 listed names, 18% of the set, and neither carries a CY2027E revenue estimate. Owners of validated fill-finish capacity should expect their benchmark to come from precedent transactions rather than from these listed peers.

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    03 · SITUATION MAP

    Two Names Carry Both a Price and a Margin, and Buyers Rate One Well Above the Other

    Maps names on EV/Revenue versus the sector median against EBITDA margin versus the covered median.

    Cutting on EV/Revenue against the 6.2x sector median and margin against the 13% covered median puts two names in the same quadrant with clearly different ratings. Four rated names without a margin figure aren't mapped here. So what: this is a way to see where the market's price and the underlying margin agree, or don't.

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    03 · SITUATION MAP Two Names Carry Both a Price and a Margin, and Buyers Rate One Well Above the Other Cut on EV / Revenue vs the sector median (6.2x) (rows) and EBITDA margin vs the covered median (13%) (columns) · 4 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up and Profitable Above-median multiple · above-median EBITDA margin 1 names Maravai LifeSciences Holdings, Inc. (MRVI) Maravai LifeSciences Holdings, Inc. (MRVI) is the one of the 2 mapped names sitting above the middle on both the forward revenue multiple and EBITDA margin. This is the corner where utilisation is converting a fixed GMP cost base into reported profit, with the price sitting above the middle alongside it. Priced up, Margin Not yet There Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Profitable, Priced Below the Middle Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Below the Middle on Both Below-median multiple · below-median EBITDA margin 1 names BioHarvest Sciences Inc. Common Stock (BHST) BioHarvest Sciences Inc. Common Stock (BHST) sits below the middle on both, at 0.4x CY2027E revenue against a 6% margin, on the 2 names in this set carrying both figures. It is the single name classified under agricultural chemical inputs, so its end market differs from regulated pharmaceutical supply.

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    03 · THE AGENDA

    The Operating Choices Associated with the Top and the Bottom of This Range

    Frames the operating questions associated with the top and bottom of the valuation range.

    We turn the valuation range into a set of questions an owner or acquirer should be weighing now, grounded in the cohort data shown earlier. These are observations, not recommendations. So what: the range itself points to where operating focus pays off.

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    03 · THE AGENDA The Operating Choices Associated with the Top and the Bottom of This Range NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Turn Reserved Capacity into Filled Capacity The distance between capacity reserved and capacity filled is where a fixed GMP cost base becomes operating leverage. Of the 6 names with a forward revenue estimate, 2 report an EBITDA margin at all, so evidenced fill stands out inside this set. What changes the answer: Suite utilisation and batch success rates holding through a full campaign cycle. Shift Mix Toward Commercial-Phase Molecules Revenue weighted to early clinical phases carries attrition that a commercial supply agreement does not. Clinical-to-commercial conversion is the operating record that turns molecules on file into contracted volume. What changes the answer: A molecule moving from clinical supply into validated commercial supply on your site. Work Down Single-Customer and Single-Molecule Concentration Concentration in this industry is read both ways: a quality signal about the customer, and a risk to earnings if one programme moves. Pricing, contract structure and the order book are the levers that change the balance. What changes the answer: A second or third anchor customer reaching a take-or-pay reservation on the same suites. Settle Build-Versus-Buy on Fill-Finish Capability The transaction record shows strategic buyers adding finished dose alongside drug substance, and sponsors assembling multi-site networks. The choice is whether to fund commissioning and validation internally or to acquire capacity already inspected and filed. What changes the answer: A carve-out reaching the market with a multi-year supply agreement attached.

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    SECTION 04

    04

    Divider introducing precedent transactions: sponsors and strategics have both been active for capacity and services.

    Nine transactions recorded between Dec-2016 and Nov-2022 show both sponsor and strategic buyers active in this space, several recorded as announced. So what: the deal record gives a second, independent read on what capability is worth.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Sponsors and Strategic Buyers Have Both Been Active for Capacity and for Services Nine transactions recorded between Dec-2016 and Nov-2022, several recorded as announced. 04 of 06 Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay for Capacity, Services and Process Capability

    Walks through three of the transactions with disclosed terms as case studies.

    Three of the recorded transactions have fully disclosed terms, and we use them as case studies for what buyers agreed to pay for capacity, services and process capability. Deal multiples are LTM at announcement and are not directly comparable to the CY2027E public basis, so we don't claim a spread between them. So what: these terms show buyer conviction in specific assets that the listed multiples alone can't demonstrate.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay for Capacity, Services and Process Capability 3 of 18 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 66 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 44 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Nov-2022 $932M Thoma Bravo, L.P. Thoma Bravo, L.P. steps into National Resilience, Inc., a biomanufacturing network built for onshore supply. EV / LTM revenue 6.2x EV / LTM EBITDA 5.3x WHY THE DEAL HAPPENED A financial sponsor taking on regulated manufacturing capacity follows the buy-and-build pattern this sector sees repeatedly: fragmented sites brought under shared quality systems. The transaction suggests validated GMP capacity and supply security were underwritten as contracted infrastructure rather than as a growth story. HOW THE TARGET WAS VALUED The recorded terms are $932M, with 6.2x on revenue and 5.3x on earnings, shown as recorded in the filing. Against the other earnings multiples on this page, which run into the mid-to-high teens, the earnings multiple here sits well below them. Jun-2019 $360M Paragon Gene Therapy Paragon Gene Therapy buys into Novavax, Inc., recorded at $360M in Jun-2019. EV / LTM revenue 22.5x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The buyer is a gene therapy manufacturer and the target sits on the innovator side, so the transaction suggests process capability and capacity were the attraction rather than installed scale. In this sector, buying a modality footprint is often the alternative to the lead times required to design, build, commission and validate one. HOW THE TARGET WAS VALUED The record shows 22.5x on revenue against the recorded value, the top of the revenue multiples on this page. Multiples at that level are conventionally paired with milestone and royalty participation rather than plain upfront consideration. May-2016 $358M Albany Molecular Research, Inc. acquires Prime European Therapeuticals EV / LTM revenue 1.4x EV / LTM EBITDA 13.3x WHY THE DEAL HAPPENED Value shown as recorded in the filing; deal value unit unresolved. HOW THE TARGET WAS VALUED The filing records $358M of enterprise value, struck at 1.4x LTM revenue.

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    SECTION 05

    05

    Divider introducing strategic implications for owners, buyers and boards.

    A wide range leaves room to move within it, and revenue mix, pricing and margin are the moves that matter. So what: the read-across that follows is organised by who is asking the question — owners, buyers or boards.

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    SECTION 05 05 STRATEGIC IMPLICATIONS A Wide Range Leaves Room to Move Within It, and Revenue Mix, Pricing and Margin Are the Moves That Matter Read-across for owners, for buyers and for boards. 05 of 06 Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    A Range This Wide Leaves Room to Move, and the Moves Are Operating Ones

    Sets out the operating questions the data raises for owners, acquirers and boards over the next twelve months.

    For owners, revenue quality and demonstrated capacity fill are where the range gives room to move. For acquirers, the precedent record shows earnings multiples running in the mid-to-high teens. For boards, the listed read-across for capacity assets is thin, so inspection history and filing switching costs carry more weight than the listed price range alone. So what: each audience has a distinct lever to pull inside the same range.

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    05 · STRATEGIC IMPLICATIONS A Range This Wide Leaves Room to Move, and the Moves Are Operating Ones NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Revenue Quality Is Where the Range Gives You Room Of the 6 names with a forward revenue estimate, 2 report an EBITDA margin, so demonstrated conversion of reserved capacity into filled, validated suites stands out within this set. Mix, contract structure and concentration are the levers that sit inside management's control between now and the next planning cycle. FOR ACQUIRERS What Buyers Agreed to Pay Has Run in the Mid-to-High Teens on Earnings Four of the 9 transactions on this page carry earnings multiples in the mid-to-high teens, from 15.1x to 18.3x, recorded between Dec-2016 and May-2021, across both sponsor and strategic buyers. Several are recorded as announced, so they are terms agreed rather than settled outcomes. FOR BOARDS The Listed Read-Across Is Thin for Capacity Assets Neither of the sterile injectable and finished dose names carries a forward revenue estimate in this set, so the benchmark for validated capacity comes from precedent transactions. Board discussion is better spent on inspection history, filing switching costs and capex phasing than on the listed price range alone.

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    SECTION 06

    06

    Divider introducing the appendix: full universe, methodology and sources.

    The final section lays out the full comparable universe, the valuation basis and where each underlying disclosure lives. So what: every figure in the earlier pages traces back to a source here.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    Lists all public comparables on EV/Revenue (CY2027E), grouped by valuation tier, with six rated and five not rated.

    This page carries all six rated companies plus the five without an eligible multiple, grouped by tier and shaded against the 6.2x sector median. So what: this is the full underlying set behind every valuation figure shown earlier.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (6.2x); amber marks below · 6 rated companies; 5 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥14.1x · median 16.5x · 2 companies Zura Bio Limited ZURA Adjacent: clinical-stage innovators (outsourcing… $163M 17.4x 13% n/a n/a MeiraGTx Holdings plc MGTX Adjacent: clinical-stage innovators (outsourcing… $1.0B 15.5x n/a n/a n/a CORE — 1.7x–14.1x · median 6.2x · 2 companies Maravai LifeSciences Holdings, Inc. MRVI Adjacent: clinical-stage innovators (outsourcing… $2.2B 9.9x 7% 20% 26 MacroGenics, Inc. MGNX Adjacent: clinical-stage innovators (outsourcing… $228M 2.5x -18% n/a n/a DISCOUNT — <1.7x · median 0.9x · 2 companies Codexis, Inc. CDXS Adjacent: clinical-stage innovators (outsourcing… $131M 1.5x 19% n/a n/a BioHarvest Sciences Inc. Common Stock BHST Adjacent: agricultural chemical inputs $22M 0.4x 37% 6% 44

  18. 18
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists precedent transactions with disclosed terms, newest first, part one of two.

    This page lists transactions with disclosed terms from the recorded set, newest first, with multiples on LTM financials at announcement where disclosed. So what: this is the primary evidence behind the deal-based read on pricing.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 18 transactions with disclosed terms in this tier (62 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 66 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 44 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2022 Thoma Bravo, L.P. → National Resilience, Inc. $932M 6.2x 5.3x Thoma Bravo, L.P. agreed terms for National Resilience, Inc. in Nov-2022, recorded at 5.3x earnings and shown as announced. Financial sponsors in this sector conventionally underwrite contracted, regulated capacity as infrastructure-like. May-2021 Clayton Dubilier & Rice, LLC → UDG Healthcare plc n/a n/a 17.6x Clayton Dubilier & Rice, LLC agreed terms for UDG Healthcare plc in May-2021, recorded at 17.6x earnings and shown as announced. It is a services platform rather than a plant, and it is diligenced on contracts rather than on suites. Feb-2021 W.R. Grace & Co.-Conn. → Fine Chemistry Services business (unit of Fine Chemistry Services business) $570M n/a n/a W.R. Grace & Co.-Conn. completed the purchase of the Fine Chemistry Services business (unit of Fine Chemistry Services business) in Feb-2021 at $570M as recorded. Carve-outs of this kind customarily travel with a multi-year supply agreement and transitional services… Jul-2020 JAB Holding Co. → Sera Labs, Inc. n/a n/a 18.3x JAB Holding Co. agreed terms for Sera Labs, Inc. in Jul-2020, recorded at 18.3x earnings and shown as announced. The buyer sits outside the traditional manufacturing pools, which widens the set of bidders an owner may meet. Jul-2019 Noice Rx, LLC → Harrow Health, Inc. $218M 4.5x n/a Noice Rx, LLC agreed terms for Harrow Health, Inc. in Jul-2019, recorded at $218M and 4.5x revenue, shown as announced. It sits at the lower end of the revenue multiples recorded on this page. Jun-2019 Paragon Gene Therapy → Novavax, Inc. $360M 22.5x n/a Paragon Gene Therapy agreed terms recorded at $360M and 22.5x revenue for Novavax, Inc. in Jun-2019, shown as announced. That is the top of the recorded revenue multiples on this page. Feb-2019 Danaher Corporation → Biopharma Business $21.8B n/a n/a Danaher Corporation completed the purchase of the Biopharma Business in Feb-2019 at $21.8B as recorded. A transaction of that size is about modality and franchise ownership, and it sets the backdrop against which the listed names here are small. Nov-2018 Platinum Equity → Lonza America Inc. n/a n/a 16.7x Platinum Equity agreed terms for Lonza America Inc. in Nov-2018, recorded at 16.7x earnings and shown as announced. Sponsors in this sector favour buy-and-build, consolidating single-site operators into multi-site networks with shared quality systems. Dec-2016 Lonza Group AG → Capsugel S.A. n/a n/a 15.1x Lonza Group AG agreed terms for Capsugel S.A. in Dec-2016, recorded at 15.1x earnings and shown as announced. Strategic buyers here transact to fill modality and geographic gaps across drug substance and drug product.

  19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the list of precedent transactions with disclosed terms, newest first.

    The list continues here, completing the set of transactions with disclosed terms. So what: together with the prior page, this is the complete disclosed-terms record referenced throughout the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 18 transactions with disclosed terms in this tier (62 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 66 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 44 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2016 Partners Group → PCI Pharma Services n/a n/a 10.5x May-2016 Albany Molecular Research, Inc. → Prime European Therapeuticals $358M 1.4x 13.3x Value shown as recorded in the filing; deal value unit unresolved. Apr-2016 Recipharm AB → Kemwell n/a 0.7x 14.3x Jul-2014 PCI Pharma Services → Penn Pharmaceutical Services Limited n/a n/a 16.2x Oct-2013 Nordic Capital / Avista Capital Partners / Ardian → Acino Holding AG n/a n/a 11.8x Dec-2012 Mitsubishi Chemical Holdings → Qualicaps n/a n/a 10.3x Aug-2012 BC Partners, The Carlyle Group L.P. → Aenova n/a n/a 11.2x Apr-2011 Kohlberg Kravis Roberts & Co L.P. → Capsugel S.A. n/a n/a 10.9x Jan-2007 The Blackstone Group → Cardinal Health PTS (Catalent) n/a n/a 10.3x

  20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sets out the valuation basis, data sources and what was excluded from the analysis.

    We set out here the valuation basis, the sources behind each figure and what the platform's plausibility gates excluded. So what: any figure shown earlier in this deck can be traced back to the record it came from.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (6 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Contract Development and Manufacturing (CDMO) and it clears the coverage gate with 8 of 11 companies (73%). EV / EBITDA is carried as a cross-check. A revenue lens is used rather than a profit multiple because only 2 of 11 companies carry a meaningful forward EBITDA, too few to form a median. DATA QUALITY & EXCLUSIONS 49 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 314 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (313) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  21. 21

    Across These 11 Listed Names, the Firmer Prices Sit with Evidenced Capability.

    Closing slide stating that firmer prices sit with evidenced capability across the eleven listed names.

    Across these eleven listed names, the firmer prices sit with evidenced capability, an association drawn from the valuation and transaction evidence shown throughout. The companion tables carry the full universe, exclusion ledger and source index for any figure you want to trace. So what: capability, not just scale, is what the market is rewarding today.

    Everything on this page

    Across These 11 Listed Names, the Firmer Prices Sit with Evidenced Capability. NeuraCap AI — Contract Development and Manufacturing (CDMO) Coverage September 2026 · Prepared by NeuraCap AI · Confidential Contract Development and Manufacturing (CDMO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Contract Development and Manufacturing (CDMO) (Health Care › Pharmaceuticals, Biotechnology and Life Sciences › Contract Development and Manufacturing (CDMO)) with market data and consensus estimates as of September 28, 2026. The company universe is the 11 listed companies whose core business is Contract Development and Manufacturing (CDMO) according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: BGM Group Ltd. (BGM), BioHarvest Sciences Inc. Common Stock (BHST), Codexis, Inc. (CDXS), eXoZymes, Inc. (EXOZ), Lifecore Biomedical, Inc. (LFCR), Lyell Immunopharma, Inc. (LYEL), MacroGenics, Inc. (MGNX), MeiraGTx Holdings plc (MGTX), Maravai LifeSciences Holdings, Inc. (MRVI), TScan Therapeutics, Inc. (TCRX), Zura Bio Limited (ZURA). The market map groups them by business vertical — Adjacent: clinical-stage innovators (outsourcing demand side): 8 companies (MRVI, MGTX, MGNX, ZURA, CDXS, EXOZ, LYEL, TCRX); Sterile injectable and finished dose manufacturing: 2 companies (LFCR, BGM); Adjacent: agricultural chemical inputs: 1 company (BHST). 6 of the 11 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Contract Development and Manufacturing (CDMO) (Health Care › Pharmaceuticals, Biotechnology and Life Sciences › Contract Development and Manufacturing (CDMO)) with market data and consensus estimates as of September 28, 2026. The company universe is the 11 listed companies whose core business is Contract Development and Manufacturing (CDMO) according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: BGM Group Ltd. (BGM), BioHarvest Sciences Inc. Common Stock (BHST), Codexis, Inc. (CDXS), eXoZymes, Inc. (EXOZ), Lifecore Biomedical, Inc. (LFCR), Lyell Immunopharma, Inc. (LYEL), MacroGenics, Inc. (MGNX), MeiraGTx Holdings plc (MGTX), Maravai LifeSciences Holdings, Inc. (MRVI), TScan Therapeutics, Inc. (TCRX), Zura Bio Limited (ZURA). The market map groups them by business vertical — Adjacent: clinical-stage innovators (outsourcing demand side): 8 companies (MRVI, MGTX, MGNX, ZURA, CDXS, EXOZ, LYEL, TCRX); Sterile injectable and finished dose manufacturing: 2 companies (LFCR, BGM); Adjacent: agricultural chemical inputs: 1 company (BHST). 6 of the 11 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

49 records failed a validation gate and never feed a statistic in this report (44 excluded from aggregate; 5 quarantined). Each exclusion, with its reason: BHST — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · BHST — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · BHST — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BHST — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BHST — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BHST — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CDXS — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · CDXS — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · CDXS — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · CDXS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CDXS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CDXS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CDXS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · EXOZ — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LFCR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LYEL — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · LYEL — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · LYEL — Implied EBITDA margin -1137459.3% outside the plausible band [-100%, 80%] (effect: quarantined) · LYEL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LYEL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LYEL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · LYEL — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MGNX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MGNX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · MGNX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · further items are listed in the companion tables.

Primary valuation basis and how it was chosen

Primary valuation basis: EV / Revenue on CY2027E consensus (6 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Contract Development and Manufacturing (CDMO) and it clears the coverage gate with 8 of 11 companies (73%). EV / EBITDA is carried as a cross-check. A revenue lens is used rather than a profit multiple because only 2 of 11 companies carry a meaningful forward EBITDA, too few to form a median. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 2 of 11 companies; EV / rEVenue: 8 of 11 companies; P/E: 0 of 11 companies. 1 company shows a non-meaningful EV / EBITDA denominator and is excluded from that statistic. 8 companies show a non-meaningful P / E denominator and are excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥14.1x, Core 1.7x–14.1x, Discount <1.7x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 6.2x = median(ev_revenue CY2027E) (6 rated companies) · 16.5x = median(ev_revenue CY2027E) within Premium tier (n=2) · 6.2x = median(ev_revenue CY2027E) within Core tier (n=2) · 0.9x = median(ev_revenue CY2027E) within Discount tier (n=2) · 35% = median Rule of 40 score (revenue growth + EBITDA margin) (n=2)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Contract Development and Manufacturing (CDMO) recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 62 transactions were recorded for this industry; 18 are shown. 44 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 31 × deal value unit unresolved; 25 × no evidence record; 2 × duplicate precedent id; 8 × divestiture roles reassigned. Case studies lead with the 3 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 318 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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