NVO - Why Catalent Stock Soared Today
2024-02-05 18:25:27 ET
Shares of Catalent (NYSE: CTLT) rose by 9.7% on Monday after the pharmaceutical contract manufacturing and drug delivery technology specialist agreed to be acquired by Novo Holdings, the parent company of Novo Nordisk (NYSE: NVO) .
In a press release Monday, Catalent announced it had agreed to be acquired by Novo Holdings for $63.50 per share in cash -- a 16.5% premium from Friday's closing price and a nearly 48% premium to its 60-day volume-weighted average price. The deal puts an enterprise value of $16.5 billion on Catalent.
"We look forward to benefiting from Novo Holdings' significant resources to accelerate investment in our business and enhance key offerings as we continue to offer premium development and manufacturing solutions for pharma and biotech customers," stated Catalent CEO Alessandro Maselli.
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Why Catalent Stock Soared Today