Wegovy packing supplier Catalent lays off 300 workers

Catalent

14/02/2024 21:32

Feb 14 (Reuters) - Catalent  CTLT.N  has reduced its
headcount by about 300 employees as part of its ongoing
restructuring plans, the company disclosed in a regulatory
filing on Wednesday. 
    The contract drug manufacturer first adopted plans to reduce
costs and consolidate facilities last June and extended the
efforts during the second-quarter with reported job-cuts in its
Biologics and Pharma and Consumer Health segments.
    Catalent said it incurred an expense of about $12 million
related to the layoffs.
    The company inched past Wall Street estimates for
second-quarter revenue last week, days after it agreed to a
$16.5-billion buyout offer from Novo Nordisk's  NOVOb.CO  parent
firm.
    The New Jersey-based firm is the main supplier of
fill-finish work - which involves filling and packaging syringes
and injection pens in sterile conditions - for Novo's popular
weight-loss drug, Wegovy. 
    Catalent also counts Novo rival Eli Lilly  LLY.N , Sarepta
Therapeutics  SRPT.O , and AstraZeneca  AZN.L  among its
clients. 

 (Reporting by Pratik Jain; Editing by Tasim Zahid)
 ((Pratik.Jain@thomsonreuters.com;))