Repligen (RGEN) Has Rejected an Initial Takeover Offer from Catalent (CTLT) - Source

August 11, 2022 2:15 PM EDT

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Repligen (Nasdaq: RGEN), a bioprocessing company with a market capitalization of about $14 billion, hired advisers for takeover defense after rejecting an unsolicited offer from Catalent (NYSE: CTLT), according to a source with knowledge of the matter. Repligen viewed the offer as being too low.

Catalent hasn’t given up its pursuit of the Massachusetts based supplier of bio-engineered drug ingredients and plans to improve its initial offer. It wasn’t clear how much Catalent is planning to bid for Repligen or if the companies will be able reach an agreement.

Repligen posted strong results for the second quarter, quashing concerns about inflation’s impact, with momentum in most areas of its business. It also raised its full-year guidance. The success has caught the attention of at least one of its peers, it appears, but it could also complicate a potential deal, if management feels they are better off building their own empire than being part of another company’s.

Repligen said it has a strict policy not to comment on rumors, in response to an inquiry from StreetInsider. Catalent hasn’t responded.

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