Pharma BD Deal Intelligence
Catalent agreed to acquire Bettera Holdings, a Plano, TX-based manufacturer of gummy, soft chew, and lozenge consumer health products, for $1B. The acquisition expanded Catalent's consumer health and nutraceuticals manufacturing platform. Post-close arc (added 2026-06-07): the deal underperformed against its original accretion thesis — in FY2023 Catalent recorded a non-cash goodwill impairment of more than $200M in its Consumer Health business tied primarily to the Bettera acquisition (part of a broader ~$700M / $689M Q1 FY2024 impairment). Catalent itself was subsequently acquired by Novo Holdings (completed Dec 18, 2024; $63.50/share; ~$16.5B enterprise value), with Bettera/Consumer Health passing into Novo Holdings ownership rather than being separately divested.