Updated: As sales continue to slide, Catalent reaches deal with activist to add board seats and conduct review
As it deals with major declines in revenue, the replacement of top managers and issues with its manufacturing facilities, Catalent said it has reached an agreement with activist investor Elliott Investment Management.
The contract manufacturer announced the deal with Elliott in conjunction with its full-year results on Tuesday.
It said that total revenue decreased 17% to $1.07 billion in the fourth quarter, down from $1.29 billion in the same three months of last year. The company’s revenue from its biologics business fell even more, down 37% to $406 million.
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