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Catalent To File for IPO

By Gil Roth | January 24, 2014

Looks to pay down debt with potential equity offering

Catalent Pharma Solutions, the largest company in the pharma CMO/CDMO space, announced that its parent company, Catalent, Inc. has publicly filed a registration statement with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its common stock. The number of shares to be offered and their price range have not been determined. According to a Catalent statement, the company would use the proceeds from the offering to repay debt, with remaining funds set for "general corporate purposes."

The registration statement has been filed with the SEC but has not yet become effective. Morgan Stanley and J.P. Morgan will act as joint book-running managers for the proposed offering.

Catalent Pharma Solutions was sold by Cardinal Health to The Blackstone Group in 2007 for approximately $3.3 billion. In June 2012, Catalent sold its commercial packaging operations to Frazier Healthcare for an undisclosed sum; that group was relaunched as PCI - Packaging Coordinators, Inc. According to the company, Catalent currently employs approximately 8,500 people, at nearly 30 facilities worldwide, and generated more than $1.8 billion in annual revenue in fiscal 2013.
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