MONSEY, N.Y., Feb. 05, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the price of $63.50 per share in cash for which Catalent, Inc. (NYSE: CTLT) (“Catalent”) has agreed to be sold to Novo Holdings.
Notably, Novo Holdings is the controlling shareholder of the Novo Group companies (including Novo Nordisk), and Catalent is one of Novo Nordisk’s main manufacturing partners for its popular weight-loss drug Wegovy.
If you remain a Catalent shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/catalent/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On February 5, 2024, Catalent announced that it had agreed to be sold to Novo Holdings for $63.50 per share in cash.
“We are investigating whether the Catalent Board of Directors acted in the best interests of Catalent shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Catalent shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”
Notably, Novo Holdings is the controlling shareholder of the Novo Group companies (including Novo Nordisk), and Catalent is one of Novo Nordisk’s main manufacturing partners for its popular weight-loss drug Wegovy.
This fact is significant because, on August 28, 2023, Catalent entered into a cooperation agreement with activist investor Elliott Management to, among other things, add four new independent directors to the Catalent Board, including Steven Barg, global head of corporate engagement at Elliott.
Now, six months later, Catalent has agreed to sell itself to Novo Holdings. On SeekingAlpha, at least one Catalent shareholder claims there is a connection, writing that “Novo [is] getting this on the cheap, thanks Elliot! Another good deal for you at the expense of retail.”
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
