Catalent, Inc. (NYSE: CTLT), the leading global provider of
development sciences and manufacturing platforms for medicines,
including biotherapeutics; cell and gene therapies; and consumer
health products, today announced that it has reached an agreement
to acquire Bettera Holdings, LLC, a major manufacturer in the
high-growth gummy, soft chew, and lozenge segments of the
nutritional supplements market, for $1 billion, subject to
customary adjustments. Currently a portfolio company of Highlander
Partners, LP, Bettera will complement and accelerate the growth of
Catalent’s global softgel and oral dose formulation and
manufacturing business to provide consumer health innovators with
unrivalled choice, formulation expertise, and high-quality,
scalable manufacturing solutions to help bring new products to
market.
Bettera is a market leader with broad and difficult-to-replicate
expertise in successfully developing and producing
consumer-preferred products for nutraceutical, functional, and
botanical ingredients, and has four production facilities in the
U.S. The acquisition will enable Catalent to expand its current
consumer health technology platform with a wider range of
technologies and ready-to-market product libraries, as well as a
variety of packaging options to meet customers’ branding needs.
Bettera will complement and leverage Catalent’s network of consumer
health manufacturing sites across North and South America, Europe,
and Japan, offering formulation development, delivery and supply
solutions to the global consumer health and beauty markets. The
combination will unlock significant commercial synergies as
Catalent brings the unique offerings of each company to their
respective high-quality customer bases.
“As the leading global innovator of softgel and oral
technologies, Catalent has a strong, long-standing presence in the
rapidly expanding consumer health and nutraceutical marketplace.
This acquisition allows us to significantly accelerate the growth
of our consumer health business and offer customers access to the
substantial potential in gummies, soft chews, and lozenges, which
are experiencing double-digit growth,” commented Dr. Aris
Gennadios, President, Softgel and Oral Technologies, Catalent.
“This acquisition is a key strategic move for Catalent’s Consumer
Health business, where our leadership in manufacturing technologies
and formulation can offer customers more product development
opportunities and add manufacturing capacity in this dynamic and
fast-growing segment.”
“Bettera was established with a vision to serve the needs of
consumers who want to experience the benefits of nutritional
supplements through more enjoyable and convenient dose forms,”
stated Jeff L. Hull, President and CEO of Highlander Partners.
“Catalent has long had a similar vision, combined with specialized
expertise, a history of successful innovation, a wide range of
offerings, and the resources to help Bettera continue to grow and
meet customer and consumer needs. Together, Catalent Consumer
Health and Bettera are well positioned to continue Bettera’s
mission of serving consumers and participating in the long-term
growth of the self-care market.”
The acquisition is expected to close before the end of 2021, and
includes the transfer of substantially all of the approximately 500
employees, and product development, manufacturing, and packaging
assets of Bettera Holdings, headquartered in Plano, Texas,
including its production facilities in California, Indiana, New
Jersey, and Virginia.
The acquisition is subject to customary terms and closing
conditions. Catalent will pay the purchase price for this all-cash
acquisition at closing using a combination of cash on hand,
existing credit facilities and, depending on market conditions, new
debt financing. The closing of the acquisition is not contingent on
any financing activity. Catalent intends to file a Current Report
on Form 8-K with the Securities and Exchange Commission with
further details concerning the acquisition.
Centerview Partners LLC is serving as financial advisor to
Catalent, and Fried, Frank, Harris, Shriver & Jacobson LLP is
serving as Catalent’s legal counsel.
Notes for Editors
About Catalent, Inc.
Catalent Inc. [NYSE: CTLT], an S&P 500® company, is the
leading global provider of development sciences and manufacturing
platforms for medicines, including biotherapeutics; cell and gene
therapies; and consumer health products. With almost 90 years
serving the industry, Catalent has proven expertise in bringing
more customer products to market faster, enhancing product
performance, and ensuring reliable global clinical and commercial
product supply. Catalent’s workforce exceeds 17,000 people,
including more than 2,500 scientists and technicians, at more than
50 facilities on four continents, and in fiscal year 2021, it
generated $4 billion in annual revenue. Catalent is headquartered
in Somerset, New Jersey. For more information, visit
www.catalent.com.
More products. Better treatments. Reliably supplied.™
Forward-Looking Statements
This release contains both historical and forward-looking
statements. All statements other than statements of historical
fact, are, or may be deemed to be, forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding the expected consummation
of the Bettera acquisition. These forward-looking statements
generally can be identified by the use of statements that include
phrases such as “believe,” “expect,” “anticipate,” “intend,”
“estimate,” “plan,” “project,” “foresee,” “likely,” “may,” “will,”
“would,” or other words or phrases with similar meanings.
Similarly, statements that describe Catalent’s objectives, plans,
or goals are, or may be, forward-looking statements. These
statements are based on current expectations of future events. If
underlying assumptions prove inaccurate or unknown risks or
uncertainties materialize, actual results could vary materially
from Catalent’s expectations and projections. Some of the factors
that could cause actual results to differ include, but are not
limited to, the following: the current or future effects of the
COVID-19 pandemic on Catalent's and its clients' or suppliers'
businesses; participation in a highly competitive market and
increased competition that may adversely affect Catalent’s
business; demand for its offerings, which depends in part on its
customers’ research and development and the clinical and market
success of their products; product and other liability risks that
could adversely affect Catalent’s results of operations, financial
condition, liquidity and cash flows; failure to comply with
existing and future regulatory requirements; failure to provide
quality offerings to customers could have an adverse effect on
Catalent’s business and subject it to regulatory actions and costly
litigation; problems providing the highly exacting and complex
services or support required; global economic, political and
regulatory risks to Catalent’s operations; inability to enhance
existing or introduce new technology or service offerings in a
timely manner; inadequate patents, copyrights, trademarks and other
forms of intellectual property protections; fluctuations in the
costs, availability, and suitability of the components of the
products Catalent manufactures, including active pharmaceutical
ingredients, excipients, purchased components and raw materials;
changes in market access or healthcare reimbursement in the United
States or internationally; fluctuations in the exchange rate of the
U.S. dollar against other currencies; adverse tax legislative or
regulatory initiatives or challenges or adjustments to Catalent’s
tax positions; loss of key personnel; risks generally associated
with information systems; inability to complete any future
acquisition, including the pending acquisition of Bettera, or other
transaction that may complement or expand its business or divest of
non-strategic businesses or assets and difficulties in successfully
integrating acquired businesses and realizing anticipated benefits
of such acquisitions; risks associated with timely and successfully
completing, and correctly anticipating the future demand predicted
for, capital expansion projects at existing facilities, offerings
and customers’ products that may infringe on the intellectual
property rights of third parties; environmental, health and safety
laws and regulations, which could increase costs and restrict
operations; labor and employment laws and regulations or labor
difficulties, which could increase costs or result in operational
disruptions; additional cash contributions required to satisfy
Catalent’s existing pension plan obligations; substantial leverage
that may limit its ability to raise additional capital to fund
operations and react to changes in the economy or in the industry;
and exposure to interest-rate risk to the extent of its
variable-rate debt preventing it from meeting its obligations under
its indebtedness. For a more detailed discussion of these and other
factors, see the information under the caption “Risk Factors” in
Catalent’s Annual Report on Form 10-K for the fiscal year ended
June 30, 2021, filed August 30, 2021. All forward-looking
statements speak only as of the date of this release or as of the
date they are made, and Catalent does not undertake to update any
forward-looking statement as a result of new information or future
events or developments except to the extent required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210830005141/en/
Media: Chris Halling +44 (0)7580 041073
chris.halling@catalent.com
Richard Kerns +44 (0)161 728 5880 richard@nepr.agency
Investors: Paul Surdez +1 (732) 537-6325
investors@catalent.com
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