Novo Holdings agreed to acquire Catalent, Inc. for $22.2 billion (US$16.5 billion) in an all-cash transaction. Novo Holdings purchased all outstanding shares of Catalent at $85.48 (US$63.50) per share, representing a 16.5% premium over Catalent’s closing price on February 2, 2024, and a 47.5% premium over the 60-day volume-weighted average price as of that date. The deal is expected to close by the end of 2024, making Catalent a private company.

Novo Holdings planned to divest three Catalent fill-finish sites in Anagni, Italy; Bloomington, Indiana; and Brussels, Belgium, to Novo Nordisk post-merger. Catalent’s Board unanimously recommended the merger, emphasizing the transaction's premium and certainty of cash value. Elliott Investment Management L.P., a significant Catalent shareholder, supported the transaction.

Catalent was advised by Citi and J.P. Morgan, with Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor and Jones Day advising the Catalent Board. Novo Holdings was advised by Morgan Stanley and Goodwin Procter LLP, with Linklaters LLP providing additional legal counsel.