How are investors valuing CDMO capacity vs proprietary pipelines now?

Capital is currently rewarding de-risked, near-term revenue over long pipelines. Proven CDMO capacity — especially fill-finish and in-demand modalities (CGT, ADC) — is valued almost like infrastructure: on utilisation, contracted backlog and margins. Proprietary pipelines are valued on clinical stage, data and modality fit, and are more discounted when funding is tight. Hybrid stories (own product + external capacity) can earn both, but only if the capacity is actually filled.