Catalent Completes Acquisition of Gene Therapy Leader Paragon Bioservices, Inc. for $1.2 Billion

Catalent以12亿美元收购基因治疗领导者Paragon Bioservices

2019-05-21 07:50:00 BioSpace


Catalent, Inc. , the leading global provider of advanced delivery technologies and development solutions for drugs, biologics and consumer health products, today announced that it has completed the $1.2 billion acquisition of Paragon BioServices, Inc., a leading viral vector development and manufacturing partner for gene therapies. With the addition of Paragon’s specialized expertise in adeno-associated virus (AAV) vectors, the most commonly used vector to deliver DNA to cells, Catalent is positioned to capitalize on strong industry tailwinds in the potentially $40 billion addressable market for gene therapies. Paragon also brings to Catalent its unique and differentiated scientific, development, and manufacturing capabilities, which will fundamentally enhance Catalent’s biologics business and end-to-end integrated biopharmaceutical solutions for customers. Paragon recently announced the opening of its new, state-of-the-art commercial manufacturing center near the Baltimore-Washington International (BWI) airport, which is equipped with several 500-liter and 2,000-liter single-use bioreactors for clinical through commercial material production. The new large-scale production campus – now combined with a recently leased second building which will be built out for commercial GMP manufacturing – has the potential for more than 425,000 square feet of manufacturing space upon completion. Paragon has GMP manufacturing projects underway with more than half of the top 40 leading gene therapy developers worldwide. Catalent is committed to continuing the resource dedication for Paragon’s customers and maintaining a flexible and reliable development and manufacturing partnership for its clients. The company currently employs over 380 individuals at its two Baltimore-area sites, all of whom will join the existing Catalent team of over 11,000 employees. In connection with the acquisition of Paragon, Catalent Pharma Solutions, Inc., as borrower, and certain other wholly owned subsidiaries of Catalent entered into an amendment, dated as of May 17, 2019, to its existing credit agreement with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, to provide for, among other things, $950 million of incremental term loans and a $350 million increase to its revolving credit facility. The proceeds of the incremental term loans were used to fund a portion of the acquisition consideration and for general working capital purposes, to pay fees, costs and expenses incurred in connection with the transactions contemplated hereby, for capital expenditures of Paragon and to prepay a portion of the existing term loans. Also in connection with the acquisition of Paragon, Catalent completed the issuance of $650 million of a new series of convertible preferred stock to funds affiliated with Leonard Green & Partners, L.P. Effective as of the closing of the acquisition, Peter Zippelius, a partner at Leonard Green & Partners, joined Catalent’s Board of Directors.
Catalent , Inc .是全球领先的药物、生物制剂和消费者健康产品先进交付技术和开发解决方案的供应商。该公司今天宣布,已完成12亿美元收购 Paragon BioServices , Inc .的交易。 Paragon BioServices 是基因治疗领域领先的病毒载体开发和制造合作伙伴。 除了 Paragon 在腺相关病毒( AAV )载体(向细胞输送 DNA 的最常用载体)方面的专业技术之外, Catalent 还可以在潜在价值400亿美元的基因治疗可寻址市场上利用强大的行业顺风。Paragon 还为 Catalent 带来其独特的差异化科学、开发和制造能力,将从根本上提升 Catalent 的生物制剂业务和面向客户的端到端一体化生物制药解决方案。 Paragon 最近宣布,在巴尔的摩-华盛顿国际机场( BWI )附近开设新的、最先进的商业制造中心。该机场配备了500升和2000升的单用途生物反应器,通过商业材料生产用于临床。新的大型生产园区——现在加上最近租赁的第二栋建筑,将用于商业 GMP 制造——建成后有可能拥有超过42.5万平方英尺的制造空间。 Paragon 与全球40大领先基因治疗开发商中的一半以上正在进行 GMP 制造项目。Catalent 致力于继续为 Paragon 的客户提供资源,并为其客户保持灵活可靠的开发和制造伙伴关系。该公司目前在巴尔的摩的两个地区拥有超过380名员工,所有员工都将加入现有的 Catalent 团队,现有员工超过11,000人。 就收购 Paragon 一案而言, Catalent Pharma Solutions , Inc .作为借款人,以及 Catalent 的某些其他全资子公司,已于2019年5月17日对其与摩根大通银行( N.A .)签订的现有信贷协议(作为行政代理和抵押代理)进行了修订,以便除其他外提供:9.5亿美元的增量定期贷款和3.5亿美元的循环信贷额度增加。增量定期贷款的收益用于为收购对价的一部分提供资金,并用于一般营运资本目的,用于支付与本协议项下拟进行的交易相关的费用、成本和费用,用于支付 Paragon 的资本支出,以及预付部分现有定期贷款。 此外,在收购 Paragon 的过程中, Catalent 完成了向 Leonard Green & Partners , L.P .旗下基金发行6.5亿美元的新系列可转换优先股的工作。收购完成后, Leonard Green & Partners 的合伙人 Peter Zippelius 加入了 Catalent 的董事会。