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Novo Holdings to acquire Catalent

Novo Holdings will acquire Catalent in an all-cash transaction that values Catalent at USD 16.5 billion on an enterprise value basis.

Novo Holdings, a holding and investment company that is responsible for managing the assets and wealth of the Novo Nordisk Foundation, will acquire all outstanding shares of CDMO Catalent for USD 63.50 per share in cash.

This transaction is aligned with Novo Holdings’ strategy of investing in established life science companies with strong long-term potential, it states.

“As engaged investors committed to productive relationships with all our partners, we look forward to working with the Catalent team to realize the company’s full potential. Importantly, our acquisition of Catalent is aligned with our mandate to invest in high quality life sciences companies for the benefit of the Novo Nordisk Foundation’s mission and philanthropic causes,” says Kasim Kutay, CEO of Novo Holdings.

Intends to sell three fill-finish sites to Novo Nordisk

Of Catalent’s more than 50 global sites, Novo Holdings intends to sell three Catalent fill-finish sites and related assets acquired in the merger to Novo Nordisk, in which Novo Holdings has a controlling interest, shortly after the closing of the merger. These three sites are located in Anagni, Italy, Bloomington, Indiana, USA, and Brussels, Belgium. The three sites employ more than 3,000 people and all have ongoing collaborations with Novo Nordisk. Under the terms of the agreement, Novo Nordisk will acquire the three manufacturing sites for an upfront payment of 11 billion USD.

Under the terms of the agreement, Novo Nordisk will acquire the three manufacturing sites for an upfront payment of 11 billion USD.”

“We are very pleased with the agreement to acquire the three Catalent manufacturing sites which will enable us to serve significantly more people living with diabetes and obesity in the future,“ says Lars Fruergaard Jørgensen, president and chief executive officer at Novo Nordisk. “The acquisition complements the significant investments we are already doing in active pharmaceutical ingredients facilities, and the sites will provide strategic flexibility to our existing supply network.”

Transaction details

The merger is expected to close towards the end of calendar year 2024, subject to customary closing conditions, including approval by Catalent stockholders and receipt of required regulatory approvals. The transaction is not subject to any financing contingency.

Following an evaluation of possible value-maximizing alternatives, the Catalent Board unanimously determined that the transaction with Novo Holdings, which delivers a premium and certain cash value, is in the best interest of Catalent. Accordingly, the Catalent Board unanimously recommends that Catalent stockholders vote in favor of the merger.

Following the closing of the merger, shares of Catalent will no longer trade on the New York Stock Exchange and Catalent will become a private company.

Photo of Kasim Kutay, CEO of Novo Holdings. and Lars Fruergaard Jørgensen, president and chief executive officer at Novo Nordisk: Novo Nordisk

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