Novo Holdings, the investment arm of the Novo Nordisk Foundation, has gained approval from the European Commission (EC) for its acquisition of Catalent.
Catalent is expected to leverage Novo Holdings’ substantial resources to expedite its strategy, enhancing value for stakeholders and improving outcomes for the customers and patients they serve.
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This approval is a significant step forward in a series of transactions involving Novo Holdings and Novo Nordisk, which will see the latter acquire three manufacturing sites from Novo Holdings post-acquisition.
The $16.5bn acquisition agreement, which includes the manufacturing sites, was initially announced in February 2024.
Catalent shareholders voted in favour of the transaction on 29 May, and it has since gained approval in multiple jurisdictions. However, the deal’s finalisation is contingent on meeting additional customary closing conditions, including regulatory consents in other regions.
Novo Nordisk anticipates that the acquisition will be finalised by the end of 2024, pending the satisfaction of these conditions and the receipt of all necessary regulatory clearances.
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By GlobalDataIn a subsequent transaction, Novo Holdings plans to divest three of Catalent’s more-than-50 global sites to Novo Nordisk. These sites are located in Bloomington in the US state of Indiana, in Brussels, Belgium and in Anagni, Italy.
Citi and JP Morgan have provided financial advice to Catalent, while Skadden, Arps, Slate, Meagher & Flom and Jones Day served as legal advisors to the board of directors of Catalent.
Novo Holdings received financial counsel from Morgan Stanley & Co and legal guidance from Goodwin Procter and Linklaters. Arnold & Porter Kaye Scholer and Davis Polk & Wardwell have acted as legal advisors to Novo Nordisk.
Catalent CEO and president Alessandro Maselli stated: “We are pleased to have received European Commission approval, which is a significant milestone toward completing our pending transaction with Novo Holdings.
“I am deeply grateful for the ongoing commitment and efforts of the Catalent team. There is tremendous positive momentum underway at Catalent, and I believe that our future is even brighter as a private company with the support of Novo Holdings.”
Novo Holdings is tasked with managing the assets of the Novo Nordisk Foundation, aiming to improve health, societal sustainability and generate long-term returns.
It is the controlling shareholder of Novo Nordisk and Novonesis and operates independently from Novo Holdings.
