Catalent

Catalent, Inc.

Type	Public company
Traded as	NYSE: CTLT S&P 500 component
Industry	Pharmaceuticals
Predecessor	Cardinal Health PTS
Founded	2007
Headquarters	Somerset, New Jersey, U.S.
Number of locations	49 (2020)[1]
Key people	John Chiminski (Chair, CEO), Alessandro Maselli (President, COO), Thomas Castellano (Senior Vice President, CFO)
Services	Drug pre-formulation, formulation, analytical testing, clinical and commercial manufacturing, clinical packaging and supply chain, regulatory consulting
Revenue	US$3.09 billion (2020)[1]
Operating income	US$394.4 million (2020)[1]
Net income	US$220.7 million (2020)[1]
Number of employees	14,000 (2020)
Website	catalent.com

Catalent, Inc. (Catalent Pharma Solutions) is a multinational corporation headquartered in Somerset, New Jersey. It is a global provider of delivery technologies, development, drug manufacturing, biologics, gene therapies and consumer health products. It employs more than 14,000 people,^[2] including approximately 2,400 scientists and technicians. In fiscal year 2020, it generated over $3 billion in annual revenue.^[1]

Catalent was formed in April 2007 when affiliates of the Blackstone Group L.P. acquired the core of the pharmaceutical technologies and services (PTS) segment of Cardinal Health, Inc.^[3] Cardinal Health created PTS through a series of acquisitions starting with R.P. Scherer Corporation in 1998.^[4]

In 2014, Catalent became a public company and is listed on the New York Stock Exchange.

History[]

Before 2007[]

In 1996, Cardinal Health acquired PCI (Headquarters: Philadelphia, Pennsylvania).^[5] PCI (Packaging Coordinators Inc.) is a pharmaceutical contract packing service for commercial and clinical packaging.^[6]

In 1998, Cardinal Health acquired R.P. Scherer Corporation (Headquarters: Troy, Michigan).^[7] Robert Pauli Scherer founded the R.P. Scherer Corporation to commercialize his innovation of softgel encapsulation using the rotary die production process.^[8] The following year, in 1999, Cardinal Health acquired Automatic Liquid Packaging, Inc. (Headquarters: Woodstock, Ill.),^[5] whose Blow-Fill-Seal Technology allowed Cardinal to enter the sterile product market.^[8]

In 2002, Cardinal Health acquired Magellan Laboratories Inc., a company that specialized in product development expertise.^[5] In 2003, Cardinal Health acquired Gala Biotech (Headquarters: Madison, Wisconsin).^[5] In the same year, Cardinal Health also acquired Intercare Group PLC, broadening its global capabilities in Europe.^[5]

From 2004 to 2006, Cardinal Health further expanded its reach in biotechnology and pharmaceutical markets through multiple acquisitions.^[5]

Formation of Catalent in 2007[]

In 2007, the pharmaceutical technologies and services segment of Cardinal Health was purchased by Blackstone Group and re-branded as Catalent Pharma Solutions.^[3]

After 2007 and initial public offering[]

In 2012, Catalent acquired Aptuit, a clinical supply company. As part of the deal, Catalent gained three sites in the US, two in the UK, and one in Singapore.^[9] Catalent also acquired all remaining shares for the R.P Scherer site in Eberbach, Germany.^[7][10][11] In 2013, Catalent continued the global expansion of its Softgel capabilities through a joint venture with Zhejiang Jaing Yuan Tang Biotechnology Co, a China-based company, and Relthy Laboratories in Brazil.^[12]

Catalent announced its initial public offering in July 2014. After raising more than $870 million, Catalent became a publicly traded company on the New York Stock Exchange (NYSE).^[13] The company priced its 42.5 million shares of common stock at $20.50 apiece, with a market capitalization of $2.4 billion. The shares began trading on the NYSE on 31 July 2014, under the ticker symbol CTLT.^[13]

In November 2014, Catalent announced it had acquired Micron Technologies, a provider of particle size engineering technologies.^[14] The acquisition allowed Catalent to expand its portfolio of drug delivery technologies.^[14]

In 2016, Catalent licensed the anti-body drug conjugate (ADC) to Triphase Accelerator to help with oncology development,^[15] and bought Pharmatek Laboratories to add spray drying to their manufacturing capabilities.^[16] In September 2017, Catalent agreed to acquire Cook Pharmica for $950 million, allowing Catalent to expand their biologic manufacturing.^[17] In July 2018, Catalent extended their work with Juniper Pharmaceuticals with a $133 million deal.^[18]

Alessandro Maselli was appointed as president and chief operating officer in 2019, a newly created position within Catalent.^[19] In March, 2019, Catalent invested more than $27 million to commercialize Zydis Ultra. The investment includes new Zydis lines; changes to one of their facilities in Swindon, UK; and a custom suite for commercial equipment.^[20] Later in 2019, Catalent partnered with GB Sciences to develop a cannabinoid-derived medicine for Parkinson's disease utilizing the Zydis delivery method.^[21]

In April 2019, Catalent agreed to acquire Paragon Bioservices Inc for $1.2 billion to expand its gene-therapy manufacturing capabilities.^[22] The deal was completed in May 2019 and included an agreement with Sarepta Therapeutics, a gene therapy manufacturer.^[23] As of October 2019, Paragon's employee numbers have almost doubled since the April acquisition.^[24]

In June 2019, Catalent acquired Bristol-Myers' European launch pad to expand its global CDMO.^[25]

In January 2020, Catalent purchased a manufacturing facility located in Anagni, Italy, from Bristol-Myers Squibb, to manufacture and package biologic and oral solid dose products for multiple companies.^[26] In February 2020, Catalent agreed to acquire MaSTherCell, a Belgian gene and cell therapy manufacturer, for $315 million. The acquisition allows Catalent to expand into cell therapy development.^[27][28]

In 2020, Catalent partnered with multiple drugmakers, including Pfizer, Johnson & Johnson,^[29] AstraZeneca,^[30] and Moderna^[31] to provide manufacturing, vial filling and packaging capabilities for COVID-19 vaccine candidates.^[32][33] In the partnership with AstraZeneca, Catalent will provide manufacturing from its Maryland facility and vial filling and packaging from its Italian facility.^[34] Catalent also partnered with ViralClear to manufacture a COVID-19 treatment candidate at Catalent's St. Petersburg facility.^[35] Also in 2021, Catalent acquired German gene therapy development firm Rheincell Theraputics.^[36]

In August 2021, Catalent announced plans to acquire nutritional supplement company Bettera Holdings LLC for $1 billion. The deal will allow Catalent to manufacture vitamins, minerals and supplements in gummy form.^[37]

Financials[]

References[]