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Catalent

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business1 year ago

Novo Nordisk's Parent Acquires Catalent for $16.5 Billion to Expand Wegovy Supply

Novo Nordisk's parent company, Novo Holdings, is set to acquire Catalent for $16.5 billion in a move to bolster production of the popular obesity drug Wegovy. The acquisition will enable Novo Nordisk to expand fill-finish capacity and meet the increasing demand for Wegovy. Novo Holdings will sell three of Catalent's fill-finish sites to Novo Nordisk for $11 billion, ultimately aiding the drugmaker in boosting Wegovy output. The deal is expected to be completed by the end of 2024 and is not anticipated to raise antitrust issues.

via Reuters|
#acquisition#business#catalent
business-and-finance1 year ago

Novo Nordisk's Parent Acquires Catalent for $16.5 Billion to Expand Wegovy Production

Novo Nordisk's parent company is set to acquire drug manufacturer Catalent for $16.5 billion, aiming to enhance the supply of weight-loss drug Wegovy and diabetes shot Ozempic. The deal includes the purchase of three manufacturing sites from Catalent's parent company, Novo Holdings, and is expected to close by the end of 2024. Novo Nordisk anticipates the acquisition to gradually increase its filling capacity from 2026 onwards. The move comes as Novo Nordisk seeks to bolster its drug manufacturing capabilities amid rising competition in the weight loss drug market, with the deal receiving support from activist investor Elliott Investment Management.

via CNBC|
#acquisition#business-and-finance#catalent
business1 year ago

"Novo Holdings' Multibillion-Dollar Acquisition of Catalent Signals Big Pharma Expansion"

Novo Holdings, the investment arm of Novo Nordisk’s parent foundation, is acquiring drug manufacturer Catalent for $16.5 billion, a move that will provide Novo with additional sites to expand production of its obesity and diabetes drugs, including the popular treatment Wegovy. As part of the deal, Novo Nordisk is purchasing three of Catalent’s fill-finish sites for $11 billion, which are already involved in the production of Novo’s drugs.

via STAT|
#acquisition#business#catalent
business1 year ago

Novo Nordisk's Multibillion-Dollar Acquisition of Catalent to Expand Wegovy Production

Novo Holdings, the investment arm of Novo Nordisk’s parent foundation, is acquiring contract manufacturer Catalent for $16.5 billion in an all-cash deal. Catalent, a major player in the contract development and manufacturing world, is heavily involved in producing Novo Nordisk’s top-selling obesity drug Wegovy. As part of the deal, Novo Holdings will sell three Catalent fill-finish sites and related assets to Novo Nordisk, including ones in Italy, Belgium, and Bloomington, IN.

via Endpoints News|
#acquisition#business#catalent
business2 years ago

Catalent's Strategic Moves: Exploring Options and Settling with Elliott Investment

Catalent Inc is reportedly close to reaching a settlement with activist investor Elliott Investment Management, which may include adding new directors and exploring strategic alternatives such as a sale of the company. The contract drugmaker, valued at roughly $8 billion, has been the subject of takeover interest and has faced various challenges, including productivity issues and quality control lapses. The settlement deal would allow Elliott to influence Catalent's strategy as its stock price has declined significantly in the past year. Catalent is also the main manufacturing partner for Novo Nordisk's weight-loss drug Wegovy, and the settlement could impact their relationship.

via Reuters|
#business#catalent#elliott-investment-management
healthcare2 years ago

Regeneron's Manufacturing Missteps Lead to FDA Rejection and Stock Slump

The US Food and Drug Administration (FDA) rejected Regeneron Pharmaceuticals' application for a stronger formulation of its eye medicine Eylea due to ongoing inspection findings at a Catalent Inc. production facility in Bloomington, Indiana. Catalent confirmed that its facility was the one in question and stated that it is taking the observations seriously and working on proposed corrective actions. This is the latest setback for Catalent, which has faced previous inspection-related issues impacting the supply of Moderna's Covid booster shot and Novo Nordisk's weight-loss drug Wegovy. The delay in approval could be costly for Regeneron, as it faces potential competition from cheaper versions of Eylea next year.

via Yahoo Finance|
#catalent#drug-manufacturing#eylea
business2 years ago

Catalent's Stock Plummets After Delayed Earnings and Reduced Guidance Announcement.

Catalent delays its Q3 financial results and investor call due to manufacturing issues at three plants, and expects to cut $400 million in net revenue guidance for the year. BioPharma Solutions is sold for $4.25 billion to Advent International and Warburg Pincus. EQRx abandons its mission of drug price reform and will cut more than half of its employees. Europe faces medicine supply shortages, and Viatris leans into its brand drug portfolio for future growth.

via Endpoints News|
#biopharma-solutions#business#catalent
business2 years ago

Catalent's Revenue Forecast Slashed, Stock Plummets.

Contract drug manufacturer Catalent Inc expects to cut over $400 million from its full-year revenue and core profit forecasts, citing productivity issues and a slower-than-expected ramp up in production capacity. The company also estimated a goodwill impairment charge of over $200 million in its consumer health business. Catalent had been the sole contract manufacturer for Novo Nordisk's weight-loss drug Wegovy, but the Danish company last month unveiled a second contract manufacturer to help meet sky-rocketing demand.

via Reuters|
#business#catalent#contract-drug-manufacturer
business2 years ago

Catalent faces manufacturing challenges and CFO departure.

Contract drug manufacturer Catalent Inc warned that slow production at three of its facilities will impact its fiscal 2023 results and said CFO Thomas Castellano has stepped down, sending its shares down more than 20%. The company makes drug substances as well and finished drug products for manufacturers. Its larger clients have included companies such as Moderna Inc and Johnson & Johnson. Catalent is currently the sole contract manufacturer for Novo Nordisk's highly popular weight loss drug Wegovy, which uses the same ingredient as its diabetes drug Ozempic.

via Reuters|
#business#catalent#cfo
business2 years ago

Catalent's CFO Departs Amid Profit Warning and Manufacturing Challenges

Catalent, a biotech company, has announced that productivity issues and unexpected costs at three of its major manufacturing plants will hurt its financial results for the fiscal year. Meanwhile, venture capital investments in biotech and pharma hit a more than three-year low last quarter, with VCs investing just $4.1 billion into biotech and pharma companies. In other news, South Korean-based manufacturer UNDBIO plans to invest $100 million in an insulin manufacturing facility in West Virginia, while the Department of Justice and Danco Laboratories have sent emergency appeals to the Supreme Court asking to keep the status quo around the abortion pill mifepristone. Finally, Mythili Koneru has been appointed as the new CMO of Legend Biotech, where she will drive the cell therapy maker's expansion into solid tumors and off-the-shelf options.

via Endpoints News|
#biotech#business#catalent