Catalent – Novo Holdings Merger: Attractive Spread

NurPhoto/NurPhoto via Getty Images On 5 Feb 2024, Catalent, Inc. (NYSE:CTLT) and Novo Holdings announced that they have entered into a merger agreement, under which Novo Holdings will acquire Catalent in an all-cash transaction that values Catalent at $16.5bn on an EV basis. As per the announcement, Catalent shareholders will receive $63.50 per share in cash, representing a 47.5% premium to the 60-day VWAP, as of February 2, 2024. Novo Holdings indicated that, shortly after the closing of the merger, it intends to sell three Catalent fill-finish sites and related assets acquired in the merger to its related company Novo…