Contract Research Organizations (CRO) 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 RESEARCH ORGANIZATIONS (CRO)

Platform News Sets the Price While Services Names Move Quietly

This update covers what moved, what companies announced and what the transaction record showed across September 14–28, 2026.

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 Research Organizations (CRO) 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 RESEARCH ORGANIZATIONS (CRO)

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

   This update covers the Contract Research Organizations sector for September 14–28, 2026. We walk through what moved, what companies announced, what transacted, and what it means for operators, buyers and advisers.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › CONTRACT RESEARCH ORGANIZATIONS (CRO) Platform News Sets the Price While Services Names Move Quietly This update covers what moved, what companies announced and what the transaction record showed across September 14–28, 2026. 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 Research Organizations (CRO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Program Data and Legal Overhang Did the Moving; The Services Half Stayed Calm

   This slide summarizes the two-week period across 9 covered CRO names on a close-to-close basis.

   Over the period, program data and legal overhang did the moving while the services half of the sector stayed calm. Five of nine covered names rose, with a median move of +2.0% against +0.8% for the S&P 500. The largest gain and the largest fall both landed on platform names rather than scaled services delivery. That split is the frame for everything else in this update, so we start here.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Program Data and Legal Overhang Did the Moving; The Services Half Stayed Calm The two-week period in one page · 9 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 Research Organizations (CRO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Breadth Leaned Positive and Ran Ahead of the Index 5 of 9 covered names rose; the median move was +2.0%, against +0.8% for the S&P 500. The largest gain and the largest fall both landed on platform names rather than on scaled services delivery. 2 Program Data Drew the Period's Largest Reward AbCellera Biologics Inc. (ABCL) rose +24.6%, with +9.6% of that on Sep 28. The in-window item that speaks to it is the September 16 presentation of Phase 2 data for ABCL635, and a September 22 Zacks piece put the three-month run at 121%. 3 A Strategy Reset and a Legal Cluster Sat Under the Worst Move Cellectis S.A. (CLLS) fell -19.1%, including -14.3% on Sep 16. A Discount-tier name in NeuraCap's standing view, it announced a board-approved shift to in vivo gene editing on September 14, and several investor law firm investigations were announced in the same window. 4 The Precedent Record, Not New Deals, Carries the Benchmark Nothing was added to the transaction record this period. The trailing set of 35 precedent transactions carries a median of 13.3x EV/EBITDA, while NeuraCap's standing lens sits at 3.1x EV/Revenue on CY2027E, with the Premium tier at 11.1x and the Discount tier at 0.8x. +24.6% Best mover — AbCellera Biologics Inc. (ABCL) worst: CLLS -19.1% · 5 up / 4 down of 9 covered +2.0% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Two Price Bands, Two Very Different Fortnights

   This slide compares individual company price moves against the sector median and a materiality bar.

   We're looking at close-to-close moves for the period, with a sector median of +2.0% against +0.8% for the S&P 500. A materiality bar of 11.8% separates ordinary noise from moves worth explaining. AbCellera Biologics Inc. (ABCL) cleared that bar decisively at +24.6%, and Cellectis S.A. (CLLS) cleared it on the downside at -19.1%. Everything else in the covered set moved inside a narrower band, which is why we treat this period as a two-price-band story.

   Everything on this page

   PUBLIC MARKET MOVERS Two Price Bands, Two Very Different Fortnights Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median +2.0% · S&P 500 +0.8% · materiality bar ±11.8% (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 Research Organizations (CRO) 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 +2.0% AbCellera Biologics Inc. (ABCL) +24.6% Shares moved following the September 16 presentation of Phase 2 data for ABCL635 at the IMS World Congress on Menopause. A September 22 Zacks piece linked the run to that data, partnerships and a stronger financial position. The platform half of this market gets paid for program data, not for billable hours. COMPANY-SPECIFIC Cellectis S.A. (CLLS) -19.1% The move followed the September 14 announcement that the board approved a strategic transformation into an in vivo gene editing company, and a run of securities fraud investigations announced from September 16. Repositioning a platform mid-course invites questions about what the earlier story promised. COMPANY-SPECIFIC Fortrea Holdings Inc. (FTRE) +15.2% No notable in-window news was identified that clearly explains the move. The +15.2% gain ran well ahead of the +2.0% median across the covered set. A Core-tier services name can travel far ahead of the covered set without a disclosure attached to it. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Did: One Strategy Reset, One Capability Push, One Legal Cluster

   This slide lists the period's highest-impact company announcements: a strategy reset, a capability push and a legal cluster.

   The period's headline items cluster into three types: a strategy reset, a capability push, and a legal cluster. Cellectis S.A. announced a board-approved shift to in vivo gene editing on September 14, and several investor law firm investigations followed in the same window. AbCellera Biologics Inc. presented Phase 2 data for ABCL635 on September 16, and a September 22 piece noted a three-month run of 121% for the stock. Each item links to its source, and the price reaction on the prior slide tracks these events closely enough to read them as connected, not coincidental.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Did: One Strategy Reset, One Capability Push, One Legal Cluster 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 Research Organizations (CRO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 14 · NEWS · GlobeNewsWire Cellectis board approves a strategic transformation into an in vivo gene editing company This is the platform end of the market changing what it sells. A move of this kind shifts the value question from current fee income to future programme economics When a platform redefines its asset base, the valuation lens has to be restated with it. Sep 14 · NEWS · Business Wire OmniAb confirms an Investor & Analyst Day for October 6 and reiterates the details A Premium-tier name choosing a full investor session signals it wants the partnership pipeline and platform economics judged on their own terms rather than on quarterly noise. Platform names compete for attention on programme participation, not on delivery volume. Sep 23 · NEWS · Business Wire Late-breaker Phase 2a data for EVO301 in atopic dermatitis presented at the EADV 2026 Congress Partnered molecule readouts are where discovery platforms show whether their engine converts into downstream economics. Clinical readouts on partnered assets are the platform equivalent of a backlog update. Sep 22 · NEWS · GlobeNewsWire Another investor law firm announces an investigation into claims on behalf of Cellectis investors Repeat legal filings extend the overhang beyond a single news day and put earlier disclosure under review. Counterparties tend to price that uncertainty into diligence timelines. Legal process risk is priced alongside programme risk at the platform end of this market. Sep 19 · NEWS · Business Wire Shareholder law firm invites Cellectis investors to join a fraud investigation A cluster of investigations rather than one signals sustained scrutiny of the disclosure record, which is the kind of item that slows partnership and transaction conversations. Clean disclosure history travels with a platform the way a clean inspection record travels with capacity. Sep 17 · NEWS · Business Wire Charles River introduces rapid cell banking programs to accelerate release timelines Cycle time is a commercial lever for regulated capacity, not a back-office metric. A Core-tier name putting rapid and in vitro methods behind release timelines is competing on study startup speed and throughput. Faster release timelines protect utilisation and make preferred provider status harder to displace.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Prints, so the Standing Benchmark Does the Work

   This slide shows that no new transactions were recorded this period, so the standing precedent benchmark carries the analysis.

   Nothing new entered the transaction record this period, so the standing benchmark does the work. That benchmark is 35 recorded precedent transactions at a median of 13.3x EV/LTM EBITDA. NeuraCap's standing sector lens sits separately at 3.1x EV/Revenue on CY2027E, with a Premium tier at 11.1x and a Discount tier at 0.8x. For acquirers and advisers, this is the reference point to use until a new print resets it.

   Everything on this page

   M&A & STRATEGIC ACTIVITY No New Prints, so the Standing Benchmark Does the Work September 14–28, 2026 · precedent transactions: 35 recorded deals · median 13.3x EV/LTM EBITDA 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 Research Organizations (CRO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing set of 35 precedent transactions still carries a median of 13.3x EV/EBITDA, which remains the reference buyers are working from. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 35 Recorded precedent transactions the reference set buyers and sellers price against 13.3x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisers

   This slide translates the period's price moves and news into implications for operators, acquirers and advisers.

   For owners and operators, the period's message is that companies in the space traded higher on balance, with five of nine names up and a median move of +2.0% — the operating work behind that is net new business, book-to-bill, backlog and utilisation. For acquirers, the reference set is unchanged: 35 precedent transactions at 13.3x EV/EBITDA against a standing lens of 3.1x EV/Revenue. For advisers, the period reinforces that this sector prices as two businesses — platform economics and service capacity — and the evidence from ABCL and CLLS makes that case concretely. These are observations drawn from the record, not recommendations.

   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 Research Organizations (CRO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2027E) median 3.1x 11 companies in the study 3 valuation tiers Standing thesis: Contract Research Organizations Price as Two Businesses: Service Capacity and Partnership Platforms FOR OWNERS & OPERATORS Companies in the Space Traded Higher on Balance 5 of 9 covered names rose; the median move was +2.0%. The operating work behind that is unglamorous: net new business awards, book-to-bill, funded backlog and its burn, billable utilisation and study startup cycle time. FOR ACQUIRERS The Reference Set Is Unchanged, but the Platform Read Is Sharper Nothing entered the transaction record this period, so the benchmark stays where it was: 35 precedent transactions at a median of 13.3x EV/EBITDA, against a standing sector lens of 3.1x EV/Revenue on CY2027E. FOR ADVISORS Lead with the Split Between Service Capacity and Platform Economics The period supports the standing view that this sector prices as two businesses. Lead with the evidence: AbCellera Biologics Inc. (ABCL) at +24.6% following the ABCL635 Phase 2 presentation, Cellectis S.A.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind the update.

   Every figure in this update links back to the filing, press release or established outlet it was taken from, in a fixed reliability order. Market data runs through September 28, 2026, and driver attributions use calibrated language rather than asserted causation. We built this page so any number in the deck can be traced to its source before you act 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 Research Organizations (CRO) 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. 2 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_20260929T212031Z_572_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

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