diff --git a/packages/commonjs/src/generate-exports.js b/packages/commonjs/src/generate-exports.js
index 992b6b1bc..52bcde142 100644
--- a/packages/commonjs/src/generate-exports.js
+++ b/packages/commonjs/src/generate-exports.js
@@ -18,7 +18,6 @@ export function rewriteExportsAndGetExportsBlock(
   topLevelExportsAssignmentsByName,
   defineCompiledEsmExpressions,
   deconflict,
-  isRestorableCompiledEsm,
   code,
   uses,
   HELPERS_NAME,
@@ -68,6 +67,19 @@ export function rewriteExportsAndGetExportsBlock(
       );
     }
 
+    // Collect and rewrite exports.__esModule assignments
+    let isRestorableCompiledEsm = false;
+    for (const expression of defineCompiledEsmExpressions) {
+      isRestorableCompiledEsm = true;
+      const moduleExportsExpression =
+        expression.type === 'CallExpression' ? expression.arguments[0] : expression.left.object;
+      magicString.overwrite(
+        moduleExportsExpression.start,
+        moduleExportsExpression.end,
+        `${moduleName}.exports`
+      );
+    }
+
     if (isRestorableCompiledEsm) {
       exportDeclarations.push(
         deconflictedDefaultExportName
diff --git a/packages/commonjs/src/transform-commonjs.js b/packages/commonjs/src/transform-commonjs.js
index da73403fb..069cf3a34 100644
--- a/packages/commonjs/src/transform-commonjs.js
+++ b/packages/commonjs/src/transform-commonjs.js
@@ -324,21 +324,6 @@ export default function transformCommonjs(
   // TODO Lukas we do not need this for ES modules
   const moduleName = deconflict(scope, globals, getName(id));
 
-  // TODO Lukas inline this into exports block
-  let isRestorableCompiledEsm = false;
-  if (!shouldWrap) {
-    for (const expression of defineCompiledEsmExpressions) {
-      isRestorableCompiledEsm = true;
-      const moduleExportsExpression =
-        expression.type === 'CallExpression' ? expression.arguments[0] : expression.left.object;
-      magicString.overwrite(
-        moduleExportsExpression.start,
-        moduleExportsExpression.end,
-        `${moduleName}.exports`
-      );
-    }
-  }
-
   // We cannot wrap ES/mixed modules
   shouldWrap = shouldWrap && !disableWrap && !isEsModule;
   uses.commonjsHelpers = uses.commonjsHelpers || shouldWrap;
@@ -374,7 +359,6 @@ export default function transformCommonjs(
         topLevelExportsAssignmentsByName,
         defineCompiledEsmExpressions,
         (name) => deconflict(scope, globals, name),
-        isRestorableCompiledEsm,
         code,
         uses,
         HELPERS_NAME,