DENMARK – Novo Holdings, the investment arm of the Novo Nordisk Foundation, has received approval from the European Commission (EC) to acquire Catalent in a US $16.5 billion deal.
This acquisition, initially announced in February 2024, represents a key milestone in Novo Holdings’ strategy to enhance Catalent’s operations, benefiting stakeholders, customers, and patients.
The EC’s approval follows an extensive review, concluding that the merger does not raise competition concerns in the European Economic Area (EEA), which includes the 27 EU member states, Iceland, Liechtenstein, and Norway.
The EU antitrust regulator emphasized the presence of sufficient alternatives in the market, paving the way for the deal to progress.
Novo Holdings now anticipates completing the transaction by the end of 2024, pending additional regulatory consents and customary closing conditions.
Catalent shareholders approved the acquisition on May 29, and regulatory clearances have since been granted in multiple jurisdictions.
Once finalized, Novo Holdings plans to sell three of Catalent’s more than 50 global manufacturing sites to Novo Nordisk.
These facilities, located in Bloomington (Indiana, USA), Brussels (Belgium), and Anagni (Italy), will integrate into Novo Nordisk’s operations, further strengthening its manufacturing capabilities.
Catalent’s CEO and President, Alessandro Maselli, expressed enthusiasm about the EC’s decision, describing it as a significant step toward completing the transaction.
He commended the Catalent team’s efforts and expressed optimism about Catalent’s future as a private company under Novo Holdings’ guidance.
Novo Holdings, as the controlling shareholder of Novo Nordisk—maker of the weight-loss drug Wegovy—intends to leverage its substantial resources to accelerate Catalent’s growth and improve healthcare outcomes.
The company’s broader mission includes managing the Novo Nordisk Foundation’s assets to promote health, societal sustainability, and long-term returns.
Financial and legal advisors played a pivotal role in facilitating the transaction. Citi and JP Morgan advised Catalent, while Skadden, Arps, Slate, Meagher & Flom, and Jones Day provided legal counsel.
Novo Holdings was supported by Morgan Stanley & Co for financial advice and Goodwin Procter and Linklaters for legal guidance.
Novo Nordisk received additional legal counsel from Arnold & Porter Kaye Scholer and Davis Polk & Wardwell.
This acquisition positions Catalent for a promising future, with Novo Holdings’ support ensuring continued momentum in delivering innovative healthcare solutions globally.
