Catalent to Acquire Paragon Bioservices for $1.2 Billion
Catalent’s acquisition of Paragon Bioservices will provide expertise and in expanding gene and cell therapy markets.
Catalent continued its expansion in biologics drug development and manufacturing with the April 15, 2019 announcement of an agreement to acquire Paragon Bioservices, Inc., a viral vector development and manufacturing partner for gene therapies. The acquisition, valued at $1.2 billion, will add expertise in adeno-associated virus (AAV) vectors and capabilities in GMP plasmids and lentivirus vectors to Catalent’s portfolio.
Paragon develops and manufactures products based on AAV and other gene therapies, next-generation vaccines, oncology immunotherapies (oncolytic viruses and CAR-T cell therapies), therapeutic proteins, and other complex biologics, Catalent reports.
“Our existing investors, NewSpring Health Capital and Camden Partners, were extremely supportive in getting us to where we are today,” said Pete Buzy, Paragon’s president and CEO in a press statement. “We are excited to join forces with the leading drug development and manufacturing partner in our industry. This transaction will enable us to achieve our next stage of development and expand our capabilities and platform for the benefit of our customers and their patients.”
“Paragon’s unparalleled expertise in the rapidly growing market of gene therapy manufacturing will be a transformative addition to our business that we believe will accelerate our long-term growth. Paragon brings to Catalent a complementary capability that will fundamentally enhance our biologics business and our end-to-end integrated biopharmaceutical solutions for customers,” said John Chiminski, Catalent’s chair and chief executive officer in the press statement. “We look forward to working with Paragon’s incredibly talented team and world-class customers to complete the significant ongoing investments into expanded state-of-the-art facilities and deliver revolutionary, lifesaving treatments to patients.”
The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2019.
Source: Catalent
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