M&A · Healthcare · Pharmaceutical Preparations
Novo Holdings A/S to acquire Catalent, Inc.
Announced Feb 5, 2024 · Closed Dec 18, 2024
Deal value$16.50BEV $16.21B
Premium16.5%To unaffected price
EV / Adj. EBITDA—3.8x EV / Revenue
ConsiderationAll cash$63.50 per share
Transaction
- Acquirer
- Novo Holdings A/S
- Target
- Catalent, Inc. (CTLT)
- Buyer type
- Strategic
- Offer price per share
- $63.50
- Enterprise value
- $16.21B
- Status
- Closed Dec 18, 2024
Deal protections
- Break fee (target pays)
- $345M · 2.1%
- Reverse fee (buyer pays)
- $584M · 3.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Citigroup, JPMorgan
- Citigroup fee
- $63.0M
Sector context · Healthcare
- Comparable deals
- 103 in the prior 24 months
- Premium
- 16.5% vs. 53.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 2.1% vs. 3.5% sector median
Timeline
- AnnouncedFeb 5, 2024
- Proxy filedApr 3, 2024
- Definitive proxyApr 15, 2024
- Shareholder voteMay 29, 2024
- ClosedDec 18, 2024
Valuation · fairness opinions
Trading comparables$32.70$78.35
Trading comparables$27.90$42.05
Trading comparables$43.55$66.10
Offer $63.50
Implied value per Catalent, Inc. share by analysis, from Citigroup.