Catalent, a global provider of oral, injectable and respiratory drug delivery technologies, announced terms for its IPO on Friday. The Somerset, NJ-based company plans to raise $871 million by offering 42.5 million shares at a price range of $19 to $22. At the midpoint of the proposed range, Catalent would command a fully diluted market value of $2.5 billion.
Catalent is the former Performance Technologies and Services segment of Cardinal Health (CAH), which Blackstone (BX) acquired for $3.3 billion in 2007. The company produces more than 70 billion doses for nearly 7,000 customer products annually. Key customers include Pfizer, Johnson & Johnson, GlaxoSmithKline, Merck, Novartis, Roche, Actavis and Teva.
Catalent, which was founded in 2007 and booked $1.8 billion in sales for the 12 months ended March 31, 2014, plans to list on the NYSE under the symbol CTLT. Morgan Stanley, J.P. Morgan, BofA Merrill Lynch, Goldman Sachs, Jefferies and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of July 28, 2014.
