Elliott Investment Management has built a significant stake in Catalent Inc. and is pushing for changes to the drugmaker’s board, according to a person familiar with the matter.
(Bloomberg) — Elliott Investment Management has built a significant stake in Catalent Inc. and is pushing for changes to the drugmaker’s board, according to a person familiar with the matter.
The activist investor has been interviewing potential candidates for the Somerset, New Jersey-based company’s board, said the person, who asked to not be identified because the details aren’t public.
Representatives for Elliott and Catalent declined to comment.
Life-sciences company Danaher Corp. expressed interest earlier this year in buying Catalent, which helps drug companies develop and manufacture medicines and vaccines, Bloomberg News has reported.
Problems at a Catalent production facility led US regulators to deny a key drug application from Regeneron Pharmaceuticals Inc., Bloomberg News reported last month. Catalent’s stock has dropped 55% in the past year, giving the company a market value of $8.35 billion.
The Wall Street Journal earlier reported that Elliott had taken a stake in Catalent.
–With assistance from Michelle F. Davis.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.