Catalent, a well-known drug developer, disclosed that it is buying Paragon Bioservices, a privately held, gene-therapy focused firm. According to The Wall Street Journal report this week, this deal will be finalized for about $1.2 Billion.
An all-cash agreement between the firms is expected to be disclosed this week. It would assist Catalent to expand its abilities to develop specialized and pricey gene therapy treatments, the Journal stated. Paragon and Catalent did not immediately respond to requests for comment this week. Drug firms have been shifting aggressively into gene therapy, where treatments for inherited, rare diseases command a few of the maximum prices in medicine. Paragon is supported by private-equity firms NewSpring Capital and Camden Partners. It focuses on creating next-generation vaccines, gene therapy, and other multifaceted biopharmaceuticals for its clients. The Baltimore, Maryland-based firm is expected to record over $200 Million this year in revenue, according to the Journal.
On a similar note, Catalent came into the news as it opened its novel clinical supply plant. Reportedly, the latest 30,000-square-foot plant is situated in Shanghai, China. This plant by the firm is supposed to employ up to 100 individuals. The facility is situated outside of the FTZ (free trade zone) in Tangzhen. Catalent announced its strategies to invest about $2.5 Million in the novel clinical supply late last year.
Catalent is supposed to provide numerous clinical supply services. It includes FastChain demand-led supply, clinical storage, and secondary packaging. Reportedly, the latest plant by the firm will as well be engaged in the regional distribution. It also will carry out clinical returns as well as destruction services. Earlier, a Catalent spokesperson proclaimed that the facility’s site assists the firm’s customers by offering easier importation into China for tests in the country.