Citizens Advises Cellular Technology Limited on its Acquisition by VION Biosciences, a Portfolio Company of Iron Path Capital

05/21/2026

Citizens Advises Cellular Technology Limited on its Acquisition by VION Biosciences, a Portfolio Company of Iron Path Capital

PROVIDENCE, RI - Citizens Capital Markets & Advisory announced today that it served as the exclusive financial advisor to Cellular Technology Limited on its acquisition by VION Biosciences, a portfolio company of Iron Path Capital.

Headquartered in Shaker Heights, OH, and founded in 1998 by Paul Lehmann, M.D., Ph.D., and Magdalena Tary-Lehmann, M.D., PhD., CTL specializes in the development, use and manufacture of standardized immune monitoring tools. The company provides functional immune monitoring analyzers, software, consumables and related contract research organization services. Its solutions enable global biopharmaceutical corporations and academic research institutions to precisely measure immune response in vaccine development, immuno-oncology, cell therapy and infectious disease research.

"My family and I are greatly appreciative of the Citizens team," said Alexander Lehmann, who is continuing his management role with CTL. "Their transaction experience, industry knowledge and strategic recommendations were invaluable as we assessed CTL's strategic alternatives and formed our partnership with VION."

Through the acquisition of CTL, VION expands its presence in high-growth life sciences end markets while adding differentiated diagnostic and analytical capabilities, proprietary technologies and deep domain expertise in cellular immunology.

"CTL has been a pioneer in immunology monitoring technology for decades," added Andrew Male, managing director at Citizens. "We are excited to see the company build upon and accelerate its legacy as a member of the VION platform."

"We are very excited for our partnership with CTL and the Lehmann family," added Mark Thornton, CEO of VION Biosciences. "When we structured this partnership, it was important that the company and the family had a trusted advisor to help them think through their options and support their decision-making process. Citizens served as an excellent intermediary to make this partnership happen."

Citizens Capital Markets & Advisory offers investment banking, research, sales and trading activities as part of our institutional broker-dealer, Citizens JMP Securities, LLC, a subsidiary of Citizens Financial Group (NYSE: CFG).

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $227.9 billion in assets as of March 31, 2026. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.

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