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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