Catalent Inc is close to reaching a settlement with activist investor Elliott Investment Management which will include new directors and a pledge to review strategic alternatives such as the sale of the company, sources familiar with the matter said on Monday.
is close to reaching a settlement with activist investor Elliott Investment Management which will include new directors and a pledge to review strategic alternatives such as the sale of the company, sources familiar with the matter said on Monday.
The sources declined to be identified because the information is confidential and cautioned a deal could still collapse at the last minute.The stock price jumped 8% in after hours trading before giving up some of the gains after closing at $45.65 on Monday. Catalent, which is valued at roughly $8 billion and played a critical role during the pandemic to fill vials with the COVID-19 vaccine for several companies including AstraZeneca, Johnson & Johnson and Moderna, has grappled with a variety of problems recently.“productivity issues” and higher-than-expected costs at three of its manufacturing sites would hit fiscal 2023 results.
Despite Catalent’s operational and regulatory problems, several investors said there is value in the company given its role in meeting big pharma companies' demand for outsourced manufacturing.
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