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A general view of the drug product manufacturing laboratory in biologics and sterile injectables, Catalent, in Brussels, Belgium June 27, 2023. The sources declined to be identified because the information is confidential and cautioned a deal could still collapse at the last minute. Spokespeople for Catalent and Elliott declined to comment. In the past when Elliott has pushed for sales of pieces or the entire target company, including at eBay and Switch Inc., and then won board representation, significant ownership changes have followed. Novo Nordisk's weight-loss drug Wegovy is filled by Catalent’s Brussels factory and last week Reuters reported that Catalent’s plant in Bloomington, Indiana will begin filling Wegovy injection pens for Novo.

Persons: Yves Herman Acquire, Elliott, Catalent, Elliott isn't, Keith Meister's, Scott Ferguson's, Mauricio Gutierrez, Svea Herbst, Bayliss, Maggie Fick, Shri Navaratnam Organizations: REUTERS, Catalent, Elliott Investment Management, AstraZeneca, Johnson, Moderna, eBay, Inc, Deutsche Bank, Management, Capital Management, Reuters, NRG, Svea, Thomson Locations: Brussels, Belgium, U.S, Bloomington , Indiana, Novo, Boston, London

A general view of the drug product manufacturing laboratory in biologics and sterile injectables, Catalent, in Brussels, Belgium June 27, 2023. Spokespeople for Catalent and Elliott declined to comment. The U.S.-based contract drugmaker is also Danish company Novo Nordisk's (NOVOb.CO) main manufacturing partner for its popular weight-loss drug Wegovy. The volatility at Catalent could increase scrutiny on the relationship between Novo and its partner. Reuters reported last week that a second Catalent factory will begin filling Wegovy injection pens for Novo as part of an expanded supply agreement.

Persons: Yves Herman Acquire, Elliott, drugmaker, Markus Manns, Catalent, Elliott isn't, Keith Meister's, Scott Ferguson's, Mauricio Gutierrez, Svea Herbst, Bayliss, Maggie Fick, Amanda Cooper, Shri Navaratnam, Bernadette Baum, Catherine Evans Organizations: REUTERS, Elliott Investment Management, Catalent, Novo, Reuters, Union Investment, AstraZeneca, Johnson, Moderna, eBay, Inc, Deutsche Bank, Management, Capital Management, NRG, Svea, Thomson Locations: Brussels, Belgium, U.S, Danish, Novo, United States, Germany, Boston, London

☆ Catalent, facing pressure from Elliott, had other activists in stock
▼ + stars: | 2023-08-14 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

A general view of the drug product manufacturing laboratory in biologics and sterile injectables, Catalent, in Brussels, Belgium June 27, 2023. Keith Meister's Corvex Management and Scott Ferguson's Sachem Head Capital Management each disclosed buying Catalent stock in the second quarter and owning it on June 30. Corvex initiated a new position in Catalent, buying 5.7 million shares during the second quarter, while Sachem Head purchased 662,000 shares during the quarter, also a new position for the fund. While Elliott is among the world's most prominent and busiest activist investors, both Corvex and Sachem Head have in the past targeted other companies and successfully lobbied for board seats. Representatives for Corvex and Sachem Head declined to comment beyond the filings.

Persons: Yves Herman, Keith Meister's, Scott Ferguson's, Corvex, Elliott, Catalent, Svea Herbst, Bayliss, Sonali Paul Organizations: REUTERS, Elliott Investment Management, Management, Capital Management, Sachem, Corvex, AstraZeneca, Johnson, Moderna, Svea, Thomson Locations: Brussels, Belgium, Catalent, Europe, United States

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