Photo Source: Ares Management Corp.
Ares Management Corp. and Blue Owl Capital Inc., leading private credit lenders, are providing $4.8 billion in debt financing for Catalent Inc.'s acquisition.
Acquisition Amount: Novo Holdings, the controlling shareholder of Novo Nordisk A/S, acquired Catalent for $16.5 billion, with the financing consisting of a $4.2 billion term loan and a $575 million revolving line.
Transaction Size: This financing ranks among the largest private credit transactions on record, according to sources.
Market Context: The deal addresses the growing demand for Novo Nordisk's weight-loss drug Wegovy and diabetes treatment Ozempic, amidst competition from Eli Lilly & Co.'s Zepbound.
Key Lenders: Ares, Blue Owl, Blackstone Inc., Apollo Global Management Inc., Oaktree Capital Management, HPS Investment Partners, Golub Capital, Antares, and Goldman Sachs Group Inc. were involved in the financing.
The acquisition involves the sale of three Catalent factories to Novo Nordisk for $11 billion, with the remaining financing supporting Catalent's core business operations.