diff --git a/makepanda/makepanda.py b/makepanda/makepanda.py
index de7d68b6b6..23651b7d0d 100755
--- a/makepanda/makepanda.py
+++ b/makepanda/makepanda.py
@@ -1595,9 +1595,10 @@ def CompileLink(dll, obj, opts):
         else:
             if (GetTarget() == "darwin"):
                 cmd = cxx + ' -undefined dynamic_lookup'
-                if ("BUNDLE" in opts): cmd += ' -bundle '
+                if ("BUNDLE" in opts or GetOrigExt(dll) == ".pyd"):
+                    cmd += ' -bundle '
                 else:
-                    install_name = os.path.basename(dll)
+                    install_name = '@loader_path/../lib/' + os.path.basename(dll)
                     cmd += ' -dynamiclib -install_name ' + install_name
                     cmd += ' -compatibility_version ' + MAJOR_VERSION + ' -current_version ' + VERSION
                 cmd += ' -o ' + dll + ' -L' + GetOutputDir() + '/lib -L' + GetOutputDir() + '/tmp'
@@ -2622,6 +2623,12 @@ ConditionalWriteFile(GetOutputDir()+"/etc/Confauto.prc", confautoprc)
 
 tp_dir = GetThirdpartyDir()
 if tp_dir is not None:
+    dylibs = set()
+
+    if GetTarget() == 'darwin':
+        for lib in glob.glob(tp_dir + "/*/lib/*.dylib"):
+            dylibs.add(os.path.basename(lib))
+
     for pkg in PkgListGet():
         if PkgSkip(pkg):
             continue
@@ -2641,12 +2648,36 @@ if tp_dir is not None:
                     CopyFile(GetOutputDir() + "/lib/" + os.path.basename(tp_lib), tp_lib)
 
             if GetTarget() == 'darwin':
-                for tp_lib in glob.glob(tp_pkg + "/lib/*.dylib"):
-                    CopyFile(GetOutputDir() + "/lib/" + os.path.basename(tp_lib), tp_lib)
+                tp_libs = glob.glob(tp_pkg + "/lib/*.dylib")
 
                 if not PkgSkip("PYTHON"):
-                    for tp_lib in glob.glob(os.path.join(tp_pkg, "lib", SDK["PYTHONVERSION"], "*.dylib")):
-                        CopyFile(GetOutputDir() + "/lib/" + os.path.basename(tp_lib), tp_lib)
+                    tp_libs += glob.glob(os.path.join(tp_pkg, "lib", SDK["PYTHONVERSION"], "*.dylib"))
+
+                for tp_lib in tp_libs:
+                    basename = os.path.basename(tp_lib)
+                    target = GetOutputDir() + "/lib/" + basename
+                    if not NeedsBuild([target], [tp_lib]):
+                        continue
+
+                    CopyFile(target, tp_lib)
+                    if os.path.islink(target):
+                        continue
+
+                    # Correct the inter-library dependencies so that the build is relocatable.
+                    oscmd('install_name_tool -id @loader_path/../lib/%s %s' % (basename, target))
+                    oscmd("otool -L %s | grep .dylib > %s/tmp/otool-libs.txt" % (target, GetOutputDir()), True)
+
+                    for line in open(GetOutputDir() + "/tmp/otool-libs.txt", "r"):
+                        line = line.strip()
+                        if not line or line.startswith('@loader_path/../lib/') or line.endswith(":"):
+                            continue
+
+                        libdep = line.split(" ", 1)[0]
+                        dep_basename = os.path.basename(libdep)
+                        if dep_basename in dylibs:
+                            oscmd("install_name_tool -change %s @loader_path/../lib/%s %s" % (libdep, dep_basename, target), True)
+
+                    JustBuilt([target], [tp_lib])
 
                 for fwx in glob.glob(tp_pkg + "/*.framework"):
                     CopyTree(GetOutputDir() + "/Frameworks/" + os.path.basename(fwx), fwx)
@@ -6649,16 +6680,6 @@ def MakeInstallerOSX():
         # On OSX, just specifying -P is not enough to do that.
         oscmd("cp -R -P " + GetOutputDir() + "/" + base + " " + libname)
 
-        # Execute install_name_tool to make them reference an absolute path
-        if (libname.endswith(".dylib") or libname.endswith(".so")) and not os.path.islink(libname):
-            oscmd("install_name_tool -id /Developer/Panda3D/%s %s" % (base, libname), True)
-            oscmd("otool -L %s | grep .dylib > %s/tmp/otool-libs.txt" % (libname, GetOutputDir()), True)
-            for line in open(GetOutputDir()+"/tmp/otool-libs.txt", "r"):
-                if len(line.strip()) > 0 and not line.strip().endswith(":"):
-                    libdep = line.strip().split(" ", 1)[0]
-                    if 'lib/' + os.path.basename(libdep) in install_libs:
-                        oscmd("install_name_tool -change %s /Developer/Panda3D/lib/%s %s" % (libdep, os.path.basename(libdep), libname), True)
-
     oscmd("mkdir -p dstroot/tools/Developer/Tools/Panda3D")
     oscmd("mkdir -p dstroot/tools/Developer/Panda3D")
     oscmd("mkdir -p dstroot/tools/etc/paths.d")
@@ -6673,15 +6694,6 @@ def MakeInstallerOSX():
         # OSX needs the -R argument to copy symbolic links correctly, it doesn't have -d. How weird.
         oscmd("cp -R " + GetOutputDir() + "/bin/" + base + " " + binname)
 
-        # Execute install_name_tool to make the binaries reference an absolute path
-        if (not os.path.islink(binname)):
-            oscmd("otool -L %s | grep .dylib > %s/tmp/otool-libs.txt" % (binname, GetOutputDir()), True)
-            for line in open(GetOutputDir()+"/tmp/otool-libs.txt", "r"):
-                if len(line.strip()) > 0 and not line.strip().endswith(":"):
-                    libdep = line.strip().split(" ", 1)[0]
-                    if 'lib/' + os.path.basename(libdep) in install_libs:
-                        oscmd("install_name_tool -change %s /Developer/Panda3D/lib/%s %s" % (libdep, os.path.basename(libdep), binname), True)
-
     if PkgSkip("PYTHON")==0:
         PV = SDK["PYTHONVERSION"].replace("python", "")
         oscmd("mkdir -p dstroot/pythoncode/usr/bin")