Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →The gummy supplement category continues its meteoric rise, with retail sales growing more than 30% annually since 2018 and reaching $5 billion in 2021. Drivers…
Catalent, Inc. has completed its $1 billion acquisition of Bettera Holdings, LLC, expanding its consumer health offerings into gummy, soft chew, and lozenge…
Form 8-K exhibit: completion of Novo Holdings acquisition of Catalent, Dec 18, 2024, $63.50/share, ~$16.5B enterprise value; Novo Nordisk concurrently acquired…
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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.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Catalent, Inc. / Bettera Holdings, LLC (this deal) | 2021 | $1.0B | — |
| Catalent, Inc. / Paragon Bioservices, Inc. | 2019 | $1.2B | — |
| Watson Pharmaceuticals (Actavis Inc.) / Actavis plc | 2012 | $5.9B | 97 |
| Kohlberg Kravis Roberts & Co. / PRA International (Genstar Capital) | 2013 | $1.3B | 91 |
| Stryker Corporation / MAKO Surgical Corp. | 2013 | $1.6B | 91 |
| Quintiles Transnational Holdings Inc. / IMS Health Holdings, Inc. | 2016 | $17.6B | 91 |
| DPx Holdings B.V. (JLL Partners 51% / Royal DSM 49%) / Patheon Inc. + DSM Pharmaceutical Products | 2013 | $2.6B | 90 |
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