Catal­ent goes in­to cleanup mode, re­plac­ing top man­agers

Catal­ent an­nounced a se­ries of dra­mat­ic steps to right its busi­ness on Fri­day, say­ing that it had iden­ti­fied sig­nif­i­cant weak­ness­es in its over­sight of costs, was re­plac­ing top ex­ec­u­tives and site man­agers, and will once again de­lay the re­port­ing of its fi­nan­cial re­sults while it cleans house.

The dras­tic mea­sures at one of the biggest third-par­ty man­u­fac­tur­ers in the bio­phar­ma world ap­pear to be nec­es­sary pain af­ter the com­pa­ny leaned in­to Covid-19 vac­cine man­u­fac­tur­ing dur­ing the pan­dem­ic but then failed to ad­just to a new world. On a call with in­vestors Fri­day morn­ing, CEO Alessan­dro Masel­li de­scribed the com­pa­ny’s fail­ure to see the fu­ture quick­ly enough and its strug­gles to cut costs and re­ori­ent its busi­ness.

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