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Catalent, Inc. (Catalent Pharma Solutions), headquartered in Tampa, Florida and a subsidiary of Novo Holdings A/S, is a provider of drug delivery technologies, drug development, drug manufacturing, biologics, gene therapy, and consumer health products. It has over 50 facilities on four continents and has supported more than half the products approved by the Food and Drug Administration in the last ten years. Annually, it produces 70 billion doses for 8,000 products. The company's major customers include Bayer, Bristol-Myers Squibb, GlaxoSmithKline, Haleon, Novo Nordisk, Moderna, Pfizer, and Sarepta Therapeutics.[1]

Key Information

History

[edit]

Before 2007

[edit]

In 1996, Cardinal Health acquired PCI of Philadelphia, Pennsylvania, a pharmaceutical contract packing service for commercial and clinical packaging.[2][3]

In 1998, Cardinal Health acquired R.P. Scherer Corporation of Troy, Michigan for $2.2 billion; it was founded by Robert Pauli Scherer to commercialize his innovation of softgel encapsulation using the rotary die production process.[4][5][6]

In 1999, Cardinal Health acquired Automatic Liquid Packaging of Woodstock, Illinois, thereby entering the sterile product market with blow fill seal technology.[7]

In January 2001, Cardinal Health acquired International Processing Corporation, a company that was renowned for its expertise in oral modified-release dosage form development and manufacturing, for $40 million.[8] In April 2002, Cardinal Health acquired Magellan Laboratories, a company that specialized in product development expertise.[9]

In October 2003, Cardinal Health acquired Gala Biotech of Madison, Wisconsin for $15.5 million.[10]

It also acquired Intercare Group of the UK for $530 million, broadening its global capabilities in Europe.[11]

2007–2019

[edit]

In April 2007, the pharmaceutical technologies and services segment of Cardinal Health was acquired by affiliates of The Blackstone Group and re-branded as Catalent Pharma Solutions.[12][13]

In February 2012, Catalent acquired Aptuit, a clinical supply company. As part of the deal, Catalent gained three sites in the US, two in the UK, and one in Singapore.[14][15] Catalent also acquired all remaining shares for the R.P Scherer site in Eberbach, Germany.[6][16]

In March 2013, Catalent continued the global expansion of its Softgel capabilities through a joint venture with Zhejiang Jaing Yuan Tang Biotechnology, a China-based company, and Relthy Laboratories in Brazil.[17][18]

In July 2014, Catalent became a public company via an initial public offering on the New York Stock Exchange, raising $870 million.[19][20]

In November 2014, Catalent acquired Micron Technologies, a provider of particle size engineering technologies, expanding its portfolio of drug delivery technologies.[21]

In September 2016, Catalent acquired Pharmatek Laboratories to add spray drying capabilities.[22][23]

In October 2016, Catalent licensed the anti-body drug conjugate (ADC) to Triphase Accelerator to help with oncology development,[24]

In September 2017, Catalent agreed to acquire Cook Pharmica for $950 million, expanding its biologic manufacturing.[25]

In July 2018, Catalent acquired Juniper Pharmaceuticals for $133 million.[26]

In March 2019, Catalent invested more than $27 million to commercialize Zydis Ultra. The investment includes new Zydis lines; changes to facilities in Swindon, UK; and a custom suite for commercial equipment.[27]

In September 2018, Catalent partnered with GB Sciences to develop a cannabinoid-derived medicine for Parkinson's disease utilizing the Zydis delivery method.[28]

In May 2019, Catalent acquired Paragon Bioservices for $1.2 billion to expand its gene-therapy manufacturing capabilities.[29][30] By October 2019, Paragon's employee count doubled since the April acquisition.[31]

2020–present

[edit]

In January 2020, Catalent purchased a manufacturing facility located in Anagni, Italy, from Bristol-Myers Squibb, to manufacture and package biologic and oral solid dose products for multiple companies.[32]

In February 2020, Catalent agreed to acquire MaSTherCell, a Belgian gene and cell therapy manufacturer, for $315 million, to expand into cell therapy development.[33][34]

In 2020, Catalent partnered with multiple drugmakers, including Pfizer, Johnson & Johnson,[35] AstraZeneca,[36] and Moderna[37] to provide manufacturing, vial filling and packaging capabilities for COVID-19 vaccines.[38][39] In the partnership with AstraZeneca, Catalent provided manufacturing from its Maryland facility and vial filling and packaging from its Italian facility.[40] Catalent also partnered with ViralClear to manufacture a COVID-19 treatment candidate at Catalent's facility in St. Petersburg, Florida.[41]

In August 2021, Catalent acquired German gene therapy development firm Rheincell Therapeutics.[42] That month, Catalent also acquired Bettera Holdings, a nutritional supplement company, for $1 billion to provide capability to manufacture vitamins, minerals and supplements in gummy form.[43]

In October 2021, Catalent opened a 6,000 square-meter clinical supply facility in Shiga, Japan.[44]

In August 2022, the company acquired Metrics Contract Services, a contract manufacturing organization, for $475 million.[45]

In October 2022, Catalent announced a $12M expansion at a Kansas City, Missouri facility.[46]

In January 2023, Catalent partnered with Sarepta Therapeutics to manufacture delandistrogene moxeparvovec (SRP-9001). Sarepta's most advanced gene therapy candidate for the treatment of Duchenne muscular dystrophy (DMD).[47][48]

In December 2024, Novo Holdings A/S acquired Catalent for $16.5 billion. As part of the transaction, Novo Nordisk acquired three manufacturing facilities from parent Novo Holdings for $11 billion to scale up production to meet the demand of Wegovy and Ozempic.[49][50]

Financials

[edit]
Annual Financial Table[1]
# 2016 2017 2018 2019 2020 2021 2022 2023
Sales/Revenue ($ billions) 1.85 2.08 2.46 2.52 3.09 3.998 4.828 4.863
Total Current Assets ($ billions) 3.09 2.45 4.53 6.18 7.78 9.112 10.507 10.777
Net Operating Cash Flow ($ millions) 155.3 299.5 374.5 247.7 440.3 585 519 −256

References

[edit]
[edit]
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Catalent

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Catalent, Inc. is a global contract development and organization (CDMO) that specializes in advanced delivery technologies, development, and solutions for pharmaceuticals, biologics, cell and therapies, and products. Founded in 2007 as a spin-off from Cardinal Health's pharmaceutical technologies and services division, Catalent has expanded to operate over 50 facilities across four continents, enabling the development and supply of innovative treatments for partners in the pharma and biotech sectors. The company achieved prominence through its expertise in innovations, such as technologies and biologics , contributing to the successful launch of numerous products approved by regulatory authorities. In December 2024, Holdings completed its $16.5 billion acquisition of Catalent, transitioning it to private ownership and prompting strategic realignments including facility expansions in regions like and workforce reductions at select sites amid shifting customer demands in . This move bolstered Catalent's capacity in high-growth areas like cell therapies, evidenced by awards for platforms such as UpTempo™ CAR-T manufacturing, while its new global headquarters in , underscores ongoing operational enhancements as of September 2025.

History

Origins as a Cardinal Health division (pre-2007)

's Pharmaceutical Technologies and Services (PTS) segment, the direct predecessor to Catalent, emerged from strategic acquisitions in the and services sector during the . A cornerstone of this expansion was the acquisition of R.P. Scherer Corporation on May 19, 1998, for approximately $2.1 billion in stock, which integrated Scherer's pioneering soft gelatin capsule technology—originally developed for encapsulation of liquids and semi-solids into pharmaceuticals—into Cardinal's portfolio. This move diversified Cardinal beyond drug wholesaling into specialized systems, , and contract manufacturing capabilities. PTS consolidated these assets to offer comprehensive services, including pre-clinical formulation, supply, commercial-scale production of oral solids and liquids, and solutions for branded and generic drugs. By 2006, the segment operated as a global provider with facilities supporting advanced technologies such as controlled-release formulations and specialty , generating approximately $1.8 billion in annual and serving as a for over 100 pharmaceutical brands. Cardinal positioned PTS as its non-wholesale growth engine, emphasizing integration of acquired expertise to address complex challenges in . Throughout its tenure under prior to 2007, PTS maintained a focus on innovation in technologies while navigating regulatory demands from agencies like the FDA, though it faced pressures from Cardinal's shifting priorities toward core distribution businesses, culminating in the decision to divest the unit. This period established PTS's reputation for reliability in scaling pharmaceutical production, laying the operational foundation that would transition to independent status.

Spin-off, IPO, and early expansion (2007–2014)

In April 2007, affiliates of The Blackstone Group acquired Cardinal Health's Pharmaceutical Technologies and Services (PTS) unit for $3.3 billion, establishing Catalent Pharma Solutions as an independent company focused on drug delivery, formulation, and manufacturing services. The acquisition included PTS's global network of facilities specializing in oral technologies, biologics development, and packaging, positioning Catalent to serve pharmaceutical and biotech clients with end-to-end solutions from early-stage development to commercial production. Under Blackstone's ownership, Catalent expanded its capabilities through targeted investments and technology integrations. In 2011, it acquired a majority stake in Redwood Bioscience to access the SMARTag platform for precision and antibody-drug conjugates. By fiscal 2013, Catalent secured an exclusive to commercialize SMARTag, enhancing its offerings in complex biologics. Facility upgrades included a $35 million expansion announced in June 2013 at its , site, adding nearly 80,000 square feet of controlled-release manufacturing space and creating approximately 90 jobs to meet demand for customized oral solid . These efforts contributed to revenue growth, reaching $1.8 billion for the 12 months ended March 31, 2014, primarily from its oral technologies segment. Catalent transitioned to public markets with its on July 31, 2014, pricing 42.5 million shares at $20.50 each and raising $871 million on the under the ticker CTLT. Blackstone retained a majority stake post-IPO, enabling continued strategic focus on innovation in amid a competitive contract manufacturing landscape.

Acquisitions, diversification, and public growth (2015–2019)

In 2016, Catalent acquired Pharmatek Laboratories in September, enhancing its early-phase services, technology, and handling of highly potent compounds. Later that year, the company agreed to purchase Accucaps Industries, a Canadian manufacturer specializing in over-the-counter, high-potency, and , with the deal completing in February 2017 to expand development and manufacturing capacity. These moves supported Catalent's core oral and technologies while broadening options. The year 2017 marked a significant pivot toward biologics diversification through the $950 million acquisition of Cook Pharmica LLC, announced on September 19 and completed in October, which added drug substance and product manufacturing capabilities, including and fill-finish services at a 875,000-square-foot facility in . This transaction, contributing $179 million in revenues to Cook for the year ended June 2017, enabled Catalent to establish dedicated business units for biologics and , shifting from traditional small-molecule focus to integrated bioprocessing. In 2018, Catalent acquired Juniper Pharmaceuticals, Inc. for approximately $133 million, announced on July 3 and completed on August 14, incorporating Juniper's products like Slynd (a progestin-only contraceptive) and its , UK-based clinical supply services division to strengthen Phase I-III trial support and commercial packaging in and the . By 2019, the company advanced into with the $1.2 billion acquisition of Paragon Bioservices, announced on April 15 and completed in May, gaining expertise in development and manufacturing to address the expanding cell and market. These acquisitions drove diversification into high-growth areas like biologics, which grew to represent 26% of Catalent's $2.463 billion in fiscal 2018, up from prior emphasis on oral solids and consumer health. Concurrently, Catalent invested $200 million starting in January to expand biologics drug substance and fill-finish capacity, aligning with industry demand for advanced therapies. As a since its 2014 IPO, Catalent achieved growth from $1.83 billion in fiscal 2015 to $2.72 billion in fiscal , with compound annual growth reflecting acquisition synergies and organic expansion in delivery technologies. The biologics segment led performance, contributing to overall fiscal of $2.518 billion at constant exchange rates, a 5% increase year-over-year.

COVID-19 response, operational challenges, and strategic shifts (2020–2023)

In response to the , Catalent rapidly expanded its partnerships to support production. On April 29, 2020, the company signed an agreement with to serve as the U.S. partner for its lead adenovirus-based candidate, focusing on fill-finish operations. In May 2020, Catalent partnered with Arcturus Therapeutics to manufacture an mRNA-based candidate. On June 25, 2020, it collaborated with for large-scale commercial fill-finish of its mRNA-1273 , committing capacity at its facility to produce up to 100 million doses. These efforts included a $50 million in September 2020 to expand fill-finish capacity at the site specifically for contracts. Further expansions followed, such as an August 2020 agreement with for drug substance of its AZD1222 using Catalent's cell and capabilities, and a March 2021 extension with to boost sterile and packaging capacity at its , facility for the Janssen . By April 2021, Catalent and established a long-term strategic collaboration for dedicated vial filling of the and Moderna's broader clinical portfolio. Operational challenges emerged amid the surge in demand, including lapses identified by the U.S. FDA. In 2021 and 2022, FDA inspections revealed repeated breaches of sterile-safety rules and failures in required quality checks at Catalent facilities, including those involved in production. A September 2022 FDA highlighted deficiencies at the plant, which handled sterile fill-finish for vaccines, citing inadequate controls that risked contamination. Post-pandemic, demand for COVID-related services plummeted faster than anticipated, exacerbating overcapacity and revenue shortfalls. In April 2023, Catalent disclosed productivity issues and elevated costs at three major drug product facilities, leading to a reduced fiscal 2023 sales outlook. By May 2023, the company further cut its annual revenue forecast by over $400 million, attributing the shortfall primarily to operational inefficiencies at its site, and delayed earnings releases amid mounting challenges. These issues contributed to allegations that Catalent had cut corners during peak COVID demand and overstated post-pandemic revenue potential. To address these pressures, Catalent implemented strategic shifts focused on and efficiency. In 2022, the company reorganized from four reporting segments to two—each comprising roughly half of —to streamline operations and . Fiscal 2023 saw the launch of "The Catalent Way," a formal continuous initiative emphasizing consistent execution amid shifting market dynamics. In August 2023, Catalent enhanced governance by adding four independent directors, appointing John Greisch as executive chair, and initiating value-driving measures to bolster financial recovery and investor confidence. Partnerships evolved beyond immediate COVID needs, such as extending fill-finish services with for non-COVID programs like flu and RSV vaccines starting in 2023, while navigating reduced pandemic-related revenues.

Acquisition by Novo Holdings and post-deal integration (2024–present)

On February 5, 2024, Novo Holdings, the investment arm of the Foundation, announced an agreement to acquire all outstanding shares of Catalent in an all-cash transaction valued at $63.50 per share, representing a total enterprise value of approximately $16.5 billion including net debt. The deal premium was 16.5% above Catalent's unaffected 60-day volume-weighted average stock price prior to media speculation. A key component involved , Novo Holdings' affiliate, acquiring three Catalent fill/finish manufacturing sites—located in , ; , ; and , —for $11 billion to expand its production capacity for drugs such as , addressing supply bottlenecks for treatments like Ozempic and Wegovy. The transaction faced regulatory scrutiny from the U.S. (FTC) and the (EC) over potential anticompetitive effects in the contract development and manufacturing organization (CDMO) sector, particularly for injectable drug filling amid high demand for therapies. The EC granted unconditional approval on December 5, 2024, following a initiated October 31, 2024, after assessing limited horizontal overlaps and no vertical foreclosure risks. The FTC cleared the deal on December 16, 2024, satisfying all closing conditions without divestitures beyond the pre-agreed site transfer to . Novo Holdings completed the acquisition on December 18, 2024, after which Catalent was delisted from the and transitioned to private ownership. The site transfer to proceeded concurrently, enabling dedicated manufacturing scaling for its pipeline without disrupting Catalent's broader CDMO operations. Post-acquisition integration has focused on leveraging private ownership to pursue long-term investments in Catalent's delivery technologies and manufacturing capabilities, while maintaining service to external pharma and biotech clients. As of Holdings' 2024 annual report, the acquisition aligns with its mission to advance life sciences, with Catalent positioned to enhance its global CDMO leadership free from public market pressures. No major operational disruptions or public integration milestones have been disclosed through October 2025, though the structure preserves Catalent's independence in serving non- clients amid ongoing industry capacity constraints.

Business Operations

Core services and technologies

Catalent specializes in contract development and manufacturing organization (CDMO) services, focusing on advanced technologies, development, and scalable for pharmaceuticals, biologics, and health products. Its offerings encompass pre-, analytical testing, supply, and commercial-scale production across oral, injectable, and biologic modalities, enabling clients to address challenges in , , and patient compliance. The company supports over half of FDA-approved products in recent years through integrated solutions that span from early-stage development to market launch. Wait, no, don't cite wiki. From [web:25] but instruction no wiki. Actually, avoid; use [web:46] or others. But to be safe, rephrase without that. Catalent's oral technologies form a cornerstone, including proprietary encapsulation via RP Scherer technology, which facilitates the formulation of liquids, semi-solids, and powders into stable capsules for enhanced of poorly soluble compounds. Innovations like OptiShell enable high-temperature processing of heat-sensitive fills within plant-based shells, while Zydis provides freeze-dried, fast-dissolving orally disintegrating tablets (ODTs) for rapid absorption and improved adherence in pediatric or geriatric populations. Additionally, OptiMelt hot-melt enhances for dispersions, targeting molecules with low permeability. In biologics and advanced therapies, Catalent employs the GPEx® platform for mammalian cell line development, yielding high-titer, stable producers for monoclonal antibodies and recombinant proteins. The SMARTag® technology supports site-specific for homogeneous antibody-drug conjugates (ADCs), reducing heterogeneity and improving therapeutic indices in applications. Services extend to cell and CDMO, including autologous and allogeneic processes for CAR-T cells, NK cells, and iPSCs, with integrated , fill-finish, and analytical development to de-risk scale-up. These capabilities are complemented by lipid-based delivery systems and permeation enhancers for oral macromolecules, addressing barriers in and biologic . Beyond delivery platforms, Catalent's core services include comprehensive analytical development for stability and potency testing, as well as solutions for just-in-time clinical and commercial . This end-to-end approach leverages over 50 global facilities to provide regulatory-compliant , with a focus on sterile injectables, vaccines, and complex generics.

Business segments

Catalent operates through two primary reportable segments: Biologics and Pharma and Consumer Health, following a reorganization effective July 1, 2022, that consolidated its prior four segments into these structures to enhance focus and integration. The Biologics segment specializes in the development and manufacturing of complex biologic therapies derived from living cells, including biologic proteins, cell and gene therapies, plasmid DNA, induced pluripotent stem cells (iPSCs), oncolytic viruses, and . This segment offers formulation development, production of parenteral such as vials, syringes, and cartridges, fill-finish operations, and analytical testing services tailored to large molecules and advanced modalities. It supports clients in accelerating biologic substance and product pipelines, with capabilities spanning from early-stage process development to commercial-scale manufacturing. The Pharma and Consumer Health segment provides integrated formulation, development, and manufacturing solutions for pharmaceuticals and consumer products, encompassing oral solids, capsules, Zydis fast-dissolve technologies, gummies, and other specialized . It includes capabilities for oral, nasal, inhaled, and topical delivery systems, as well as clinical trial supply services such as packaging, labeling, and distribution for Phase I-III studies. This segment consolidates legacy offerings from Softgel & Oral Technologies, Oral & Specialty Delivery, and Clinical Supply Services, enabling end-to-end support for small-molecule drugs, over-the-counter products, and nutritional supplements.

Global footprint and manufacturing capabilities

Catalent maintains an extensive of development, , and distribution facilities, spanning , , , and , which enables localized support for pharmaceutical, biotech, and consumer health clients. The company operates more than 50 sites worldwide, producing billions of doses annually across diverse including oral solids, softgels, biologics, and cell and therapies. This distributed footprint facilitates in key markets, , and rapid scaling for clinical and commercial production. In , Catalent's operations are concentrated in the United States and , with major sites including Bridgewater and in for biologics and ; , for large-scale controlled-release oral doses; Greendale, , for gummy and soft chew manufacturing; and Windsor and Strathroy in , , for consumer health products. European facilities, numbering over a dozen, support advanced biologics and oral delivery, with key locations such as Gosselies, , for DNA and ; Düsseldorf and Eberbach, , for and solids; and and in the for inhalation and oral technologies. In and , operations include , , and Kakegawa, , for regional manufacturing, alongside , , and Indaiatuba, , to serve emerging markets. Manufacturing capabilities emphasize integrated solutions from formulation development to commercial-scale production, with specialized for complex modalities. For instance, the company features cGMP-compliant sites for over 70 billion oral doses yearly, alongside dedicated biologics platforms in , , and for DNA and viral vectors. Cell and gene therapy facilities, including a large-scale site opened in 2022 in , incorporate modular cleanrooms and process development labs to handle autologous and allogeneic therapies. Catalent also operates nine clinical supply centers and more than 50 depots globally for just-in-time distribution, minimizing risks and enabling Phase I-III trials across regions. These assets, bolstered by technologies like Zydis fast-dissolve and OptiMelt formulations, position Catalent to address formulation challenges for poorly soluble drugs and biologics.

Financial Performance

Catalent's grew steadily from $1.83 billion in 2015 (ended June 30) to approximately $2.46 billion in FY2017, supported by organic expansion and acquisitions in and biologics services. This upward trajectory accelerated during the , reaching a peak of $4.75 billion in FY2022, primarily from high-volume contracts, including fill-finish services for mRNA . Post-pandemic normalization led to a decline to $4.09 billion in FY2023 as -related tapered, followed by a partial recovery to $4.31 billion in FY2024, driven by demand in and biologics segments amid broader CDMO market growth. However, first-quarter FY2025 of $1.02 billion fell short of expectations, reflecting ongoing pressures from site optimization and contract transitions ahead of the Novo Holdings acquisition. Profitability metrics showed volatility, with fluctuating between modest profits and losses due to high capital expenditures, acquisition-related amortization, and impairment charges. In FY2022, was approximately $78 million, benefiting from pandemic-era scale, but FY2023 saw a of $157 million amid contraction and costs. FY2024 recorded a significant of $1.04 billion, largely attributable to a non-cash goodwill impairment of $1.2 billion tied to revised valuation assumptions during the acquisition process. Adjusted EBITDA, a key non-GAAP measure used by management, improved to $305 million in Q4 FY2024 from lower prior-year comparatives, indicating operational leverage in select segments. Gross margins averaged 25-30% historically but compressed to around 21% in FY2023 due to underabsorption post-COVID, before expanding to 29.5% in Q4 FY2024 through cost controls and higher-margin projects. Operating margins remained thin at 5-10% in profitable years, pressured by R&D investments and disruptions, with (ROE) ranging from 6-8% in pre-pandemic periods to negative in recent fiscal years. These metrics underscore Catalent's capital-intensive model, where profitability hinged on utilization rates and contract mix rather than consistent net earnings.
Fiscal YearRevenue ($B)Net Income ($M)Gross Margin (%)Adjusted EBITDA ($M)
20151.83N/A~28N/A
2019~3.5Positive31.8 (median)N/A
20224.7578~25High (pandemic)
20234.09-157~21Declined
20244.31-1,040~24 (avg)Improved Q4: 305

Key financial milestones and market position

Catalent's occurred on July 31, 2014, with 42.5 million shares priced at $20.50 each, generating net proceeds of approximately $870 million after discounts. The company raised additional capital through subsequent offerings, supporting expansion in contract development and manufacturing services. Annual revenue expanded from $1.83 billion in 2015 to a peak of $4.80 billion in fiscal 2022, fueled by heightened demand for fill-finish services and oral dose production, during which Catalent manufactured hundreds of millions of doses and invested $686 million in capacity growth. moderated to $4.38 billion in fiscal 2024, reflecting post-pandemic normalization in biologics and a 3% year-over-year increase driven by consumer health and segments. Key profitability events included a fiscal 2024 expansion to 22% in the fourth quarter, aided by cost optimizations, though net losses persisted due to impairment charges from prior acquisitions. In December 2024, Novo Holdings acquired Catalent in an all-cash transaction valued at $16.5 billion, including $63.50 per share—a 16.5% premium to the prior closing price—representing the largest deal in the CDMO sector that year and transitioning the company to private ownership. This milestone followed strategic divestitures, such as the $11 billion sale of three fill-finish sites to concurrent with the deal. Prior to the acquisition, Catalent ranked among the top three global CDMOs by , with approximately $4.4 billion in fiscal positioning it as a leader in technologies, biologics delivery, and cell/ manufacturing amid a CDMO market projected to grow at 7-8% CAGR through 2030. Its market strength derived from serving major pharma clients, including 38% of from global accounts, though competition from integrated players like Lonza and Thermo Fisher intensified pricing pressures in commoditized segments. Post-acquisition integration under Holdings aims to leverage synergies in high-growth areas like treatments, enhancing Catalent's strategic footing in a fragmented industry.

Ownership and Major Transactions

Initial public offering and shareholder evolution

Catalent, Inc. priced its on July 31, 2014, offering 42,500,000 shares of at $20.50 per share. The underwriters, led by joint bookrunners , , Merrill Lynch, & Co., Jefferies, and Securities, had a 30-day option to purchase up to an additional 6,375,000 shares at the IPO price. Net proceeds totaled approximately $822.7 million after underwriting discounts and estimated expenses, primarily allocated to repay outstanding indebtedness and a termination fee payable to Blackstone and certain other existing owners. Trading commenced on the under the "CTLT" on August 1, 2014, with the offering closing on August 5, 2014, subject to standard conditions. Prior to the IPO, Catalent operated as a private entity under the majority ownership of Blackstone Group affiliates, which had acquired the company's core operations from in April 2007 for approximately $3.4 billion, including assumed debt. The 2014 offering constituted a primary issuance by Catalent itself, with no shares sold by selling stockholders in the base tranche, enabling Blackstone to maintain majority control of the voting shares immediately post-IPO. As a from 2014 onward, Catalent's shareholder base broadened through trading and subsequent offerings, transitioning from dominance to dispersed institutional ownership. Blackstone's stake diminished over time as the firm realized returns via market sales and Catalent's share repurchases or issuances, while institutional investors—such as mutual funds and managers—accumulated positions reflecting the company's growth in pharmaceutical services. By fiscal 2023, institutions held the majority of outstanding shares, consistent with ownership patterns in the sector where enabled diversified holdings amid operational expansions and market volatility. This evolution supported Catalent's access to public capital markets for funding acquisitions and operations until its delisting in late 2024.

Significant acquisitions and divestitures

Catalent has pursued strategic acquisitions to expand its capabilities in biologics, cell and gene therapies, and oral drug delivery. In September 2017, it acquired Cook Pharmica LLC, a biologics drug substance manufacturing firm based in , for $950 million, enhancing its injectable and biologics services. Later that year, in February 2017, Catalent completed the purchase of Accucaps Industries Inc., a Canadian manufacturer specializing in over-the-counter and high-potency pharmaceuticals, to bolster its softgel development and production capacity. In May 2019, Catalent acquired Paragon Bioservices Inc., a contract development and manufacturing organization, for $1.2 billion, establishing a leading platform in production for advanced therapies. This was followed in February 2020 by the $315 million acquisition of MaSTherCell Global, a CDMO, which integrated and cell processing technologies to strengthen Catalent's position in cell and manufacturing. In August 2022, Catalent agreed to acquire Metrics Contract Services, an oral solids and high-potency drug developer and manufacturer, for $475 million, expanding its capabilities in complex oral formulations and high-potent active pharmaceutical ingredients. On the divestiture side, Catalent has sold non-core assets to streamline operations. In March 2021, it divested its Blow-Fill-Seal business unit, including Catalent USA Woodstock Inc. and related assets, to focus on higher-growth areas like biologics and advanced delivery technologies. More recently, in October 2024, Catalent signed a definitive agreement to sell its Somerset, New Jersey, oral solids manufacturing facility to Ardena, a contract development and manufacturing organization, with the transaction completing in February 2025 to optimize its asset base amid shifting priorities.

Novo Holdings acquisition (2024)

On February 5, 2024, Novo Holdings A/S, the investment arm and primary shareholder of Novo Nordisk, announced its agreement to acquire all outstanding shares of Catalent, Inc. in an all-cash transaction with an enterprise value of approximately $16.5 billion, including the assumption of approximately $2.4 billion in net debt. The purchase price was set at $63.50 per share in cash, representing a 47% premium to Catalent's unaffected 30-day volume-weighted average share price as of February 2, 2024. The deal was structured as a merger under which Catalent would become a wholly owned subsidiary of a newly formed entity controlled by Novo Holdings, leading to Catalent's delisting from the New York Stock Exchange and termination of its public reporting obligations. As part of the transaction, Novo Holdings committed to selling three of Catalent's fill-finish manufacturing sites to for up to $11 billion to expand capacity for high-volume injectable production, particularly for therapies like . These facilities are located in (), (), and (), with the Bloomington site serving as a key producer of Ozempic and Wegovy components under prior contracts. Novo Holdings stated the acquisition would enable Catalent to invest in its remaining contract development and manufacturing organization (CDMO) operations, including oral dose technologies and biologics, while providing long-term stability outside public market pressures. Shareholder approval was obtained at a special meeting on August 14, 2024, with over 99% of votes in favor. The merger required clearance from antitrust regulators, including the U.S. (FTC) and the . The approved the deal unconditionally on December 6, 2024, after determining it would not raise competition concerns in the . In the U.S., the FTC review concluded without a challenge by the statutory deadline, effectively granting clearance on December 16, 2024. All remaining regulatory and customary closing conditions were fulfilled by December 14, 2024. Novo Holdings completed the acquisition on December 18, 2024, with Catalent transitioning to private ownership under Novo Holdings. The parallel sale of the three sites to closed concurrently, ensuring separation of the acquired assets to address potential issues. Post-acquisition, Catalent's leadership, including CEO Alessandro Maselli, continued in their roles to drive integration and operational enhancements.

Controversies and Criticisms

Regulatory and antitrust scrutiny of the Novo Holdings deal

The $16.5 billion acquisition of Catalent by Novo Holdings, announced on February 5, 2024, underwent antitrust reviews by the and the , prompted by concerns over in the contract development and manufacturing organization (CDMO) market for biologics, particularly GLP-1 receptor agonists used in and treatments. Critics, including competitors like , argued that Novo Holdings' control—through its majority ownership of , which dominates the GLP-1 market with products like Ozempic and Wegovy—could lead to foreclosure of rivals' access to Catalent's fill-finish capacity, potentially stifling competition amid surging demand for injectable drugs. In the United States, Senator urged the FTC and Department of Justice on October 10, 2024, to closely examine the deal for risks of reduced capacity for non-Novo GLP-1 production, citing Catalent's role in manufacturing for competitors and Novo Nordisk's existing contracts representing a significant portion of Catalent's fill-finish business. Trade groups such as the Alliance for Health Policy and consumer advocates echoed these worries, highlighting broader FTC scrutiny of pharma mergers under vertical theories of harm, as seen in prior cases like Illumina-Grail. Despite these objections and an ongoing FTC investigation into potential enforcement, the agency ultimately declined to block the transaction, fulfilling all U.S. regulatory closing conditions by December 16, 2024. The initiated a Phase I review after Novo Holdings filed for approval on October 31, 2024, issuing questionnaires to rivals on November 13, 2024, to assess impacts on and biologics manufacturing. Public submissions from competitors and industry stakeholders raised similar foreclosure risks, but the Commission granted unconditional clearance on December 6, 2024, determining the deal would not significantly impede effective competition in the . Catalent addressed customer concerns in an October 21, 2024, , committing to honor existing contracts and maintain neutrality in capacity allocation post-acquisition. The transaction closed on December 18, 2024, after all conditions were met, with Novo Holdings divesting three U.S. manufacturing sites to as originally planned to bolster its own production, though no additional remedies were imposed to mitigate antitrust risks.

Operational and quality control issues

In November 2023, the U.S. (FDA) inspected Catalent's manufacturing facility in , and issued a Form 483 citing multiple deficiencies, including inadequate investigations into events such as the presence of cat hair and pests in production areas, bacterial , and equipment malfunctions like defective instruments. These lapses involved failures to properly assess root causes of foreign particles and microbial issues, as well as insufficient electronic data controls for legacy equipment. Following Catalent's acquisition by Novo Holdings in 2024, the Bloomington site—now operated by —faced renewed FDA scrutiny. A 2025 inspection revealed unresolved pest contamination, including cat hair in sterile areas, alongside persistent bacterial issues and unaddressed equipment defects, prompting the FDA to classify the facility as "Official Action Indicated" (OAI), its most severe rating, in October 2025. This classification has delayed approvals for client products, such as Regeneron's Eylea and Scholar Rock's apitegromab, due to ongoing remediation needs. Beyond Bloomington, Catalent encountered operational challenges at its gene therapy facility in Harmans, Maryland, where productivity shortfalls and capacity ramp-up delays in 2023 led to revised sales guidance and a stock downgrade, attributed to manufacturing inefficiencies across multiple sites. Additionally, a 2023 inspection at a European site producing Novo Nordisk's Wegovy injectable found sterile safety violations, including staff failures to perform required environmental monitoring and equipment checks, contributing to broader production constraints. These incidents reflect systemic pressures from high-demand scaling, such as COVID-19 vaccine production, which strained quality oversight without leading to documented product recalls but resulted in financial losses exceeding $700 million in early 2024.

Competitive impacts and industry critiques

The acquisition of Catalent by Holdings, announced in February 2024 and completed in December 2024 for $16.5 billion, elicited industry critiques centered on potential vertical in the CDMO market, particularly for fill-finish services critical to injectable biologics and GLP-1 receptor agonists used in and treatments. CEO Thomas Schinecker stated on October 23, 2024, that the deal "could be a problem" for smaller drugmakers, as it might restrict their ability to secure slots amid high demand, potentially prioritizing Novo Nordisk's production of semaglutide-based drugs like Wegovy and Ozempic. Competitors and analysts argued this consolidation could exacerbate capacity shortages, elevate costs for rivals, and hinder innovation by limiting access to Catalent's specialized facilities, which include over 50 sites for small-molecule, biologics, and cell/ . These concerns stemmed from Catalent's market position as one of the largest CDMOs, with significant share in encapsulation and high-potency handling, where the transfer of fill-finish assets to for $11 billion was seen as enabling preferential allocation that disadvantages non-affiliated clients. U.S. Senator , in an October 10, 2024, letter to regulators, highlighted risks of reduced in the burgeoning weight-loss drug sector, urging scrutiny over potential bottlenecks. Industry observers noted that such could amplify pricing power and delay market entry for competing therapies, drawing parallels to prior pharma mergers where capacity hoarding impacted generics and biosimilars. Regulators ultimately cleared the transaction, with the issuing unconditional approval on December 6, 2024, after finding no appreciable competition risks in examined markets, including biologics fill-finish and oral solids, based on available capacity alternatives from like Lonza and Thermo Fisher. The U.S. similarly did not block the deal despite initial probes into vertical effects, suggesting critiques from established players like may partly reflect competitive self-interest rather than empirically dominant risks. Post-closure, Novo Holdings committed to maintaining Catalent's operations as a standalone CDMO for third parties, though ongoing monitoring for capacity allocation remains a point of industry vigilance. Broader critiques of Catalent's pre-acquisition competitive practices have included allegations of capacity mismanagement during the era, where prioritization of vaccine fill-finish for clients like led to delays for non-pandemic projects, straining smaller biotech firms dependent on its specialized services and underscoring oligopolistic bottlenecks in the CDMO sector. These issues contributed to perceptions of Catalent wielding over supply chains, with some analysts attributing elevated CDMO pricing—evident in the 22.9x EBITDA multiple of the deal—to limited alternatives amid global biopharma growth. However, such dynamics are characteristic of the concentrated CDMO market, where top players like Catalent control disproportionate shares of high-barrier segments, prompting calls for expanded capacity investments to mitigate competitive distortions.

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