HedgeCo.Net — Lifecore Biomedical on September 28, 2026 announced a definitive agreement to be acquired by an entity affiliated with Webster Equity Partners, according to the company’s GlobeNewswire release and a Goodwin client announcement. Lifecore is a fully integrated injectables contract development and manufacturing organization. Goodwin said the transaction values Lifecore at up to about $663.7 million assuming full achievement of certain performance milestones.
Under the agreement, common shareholders receive $6.28 in cash per share at closing plus one nontradable contingent value right per share. The CVRs provide for up to $160 million in aggregate cash payments if specified performance milestones are met. Series A preferred holders receive the applicable conversion amount in cash at closing plus CVRs based on convertible common shares. Closing is expected in the fourth quarter of 2026, subject to stockholder and regulatory approvals.
Webster Equity Partners is a Waltham, Massachusetts–based middle-market firm focused on healthcare services. Lifecore has said it will remain headquartered in Chaska, Minnesota, and retain its name and brand under private ownership. Law firm coverage including Law360 has framed the structure as a classic PE take-private with a cash floor plus milestone-linked upside.
For healthcare PE and public-to-private desks, the hard marks are the September 28 definitive agreement, $6.28 cash per share, up to $160 million of CVR payments, the up-to about $663.7 million headline assuming full milestones, and a Q4 2026 expected close. Do not invent milestone formulas or tender premiums beyond published materials.