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Danaher - >>> Why Catalent Shares Are Falling Today


Benzinga

by Vandana Singh

April 18, 2023


https://finance.yahoo.com/news/why-catalent-shares-falling-today-155215466.html


Life-sciences company Danaher Corporation (NYSE: DHR) is reportedly no longer considering a takeover of contract manufacturer Catalent Inc (NYSE: CTLT) after expressing interest in buying the company earlier this year.

While Danaher's interest has cooled, it's possible that Danaher could try and revive a deal conversation later, Bloomberg reported citing one of the people close to the matter.

A deal between the two would create a giant in bioprocessing or using living cells to create drugs or therapies.

A representative for Catalent declined to comment, while a representative for Danaher didn't immediately comment.

Danaher has become a life sciences-focused company since spinning out its industrial business arm Fortive Corp. in 2016. It provides bioprocessing tools and instruments to manufacture and research complex drugs.

Bloomberg reported back in February that Danaher has expressed interest in acquiring Catalent.

The report comes after Catalent announced that it had encountered productivity issues and higher-than-expected costs at three of its major manufacturing plants — expected to hurt its financial results for the fiscal year.

Catalent's CFO, Thomas Castellano, has also stepped down and has been temporarily replaced by company veteran Ricky Hopson.

Price Action: CTLT shares are down 2.11% at $44.35 on the last check Tuesday.

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