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I am considering a transition from a manager position in a big multinational life science company to a senior manager level position in a consultancy firm, again a big multinational company that is active and expanding within life sciences.

As I weigh the pros and cons of such a change at age 40 or so, I wonder if such a move would limit my career options moving forwards, ie. if the transition would look negatively by other companies outside the consultancy sphere, if I were to decide that consultancy isn’t my cup of tea or if I were to change jobs based on other considerations like location or remote/hybrid etc

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You're not becoming a consultant, you're moving from one manager position to another manager position. This doesn't affect your career options much at all.

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In addition to Kilisi's entirely correct answer -- management is management, especially within the same industry -- even moving to true consultancy is not a one-way street.

I've seen consultants hired in when a company decided they wanted their skills on a longer-term basis, and consulting on a resume is not a deal breaker; it gets evaluated, like anything else on the resume, in terms of what skills and successes you can report.

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    I fully agree. It is possible that consultants get paid so well that no-one can afford to hire them full-time, but that is a) a good problem to have and b) doesn't make you unemployable, it just means you have to take a massive salary hit if you ever decide to go back. A friend told me they sometimes hire a consultant who charges 4000+ € / day. They hire him, despite being 10x more expensive than others, because he also solves their problems 20–100x faster than others, but they could never afford to hire him full-time … nor do they need his expertise more often than every couple of years. Dec 26, 2023 at 14:51
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    There are plusses and minuses to being a consultant, discussed in other Answers. I know multiple people who have moved back and forth depending on how much security they needed at that point in their lives and how interesting/prestigious the project was.
    – keshlam
    Dec 26, 2023 at 14:58
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No, it is not a one-way street. I have a bunch of consultants in my circles and there are several who have moved from consulting into non-consulting positions. Often at former client companies.

As others have outlined, you appear to not even move into a consulting position, only into a consulting company. That's not the same thing.

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