(Reuters) – Catalent has reduced its headcount by about 300 employees as part of its ongoing restructuring plans, the company disclosed in a regulatory filing on Wednesday.
The contract drug manufacturer first adopted plans to reduce costs and consolidate facilities last June and extended the efforts during the second-quarter with reported job-cuts in its Biologics and Pharma and Consumer Health segments.
Catalent said it incurred an expense of about $12 million related to the layoffs.
The company inched past Wall Street estimates for second-quarter revenue last week, days after it agreed to a $16.5-billion buyout offer from Novo Nordisk’s parent firm.
The New Jersey-based firm is the main supplier of fill-finish work – which involves filling and packaging syringes and injection pens in sterile conditions – for Novo’s popular weight-loss drug, Wegovy. Catalent also counts Novo rival Eli Lilly, Sarepta Therapeutics, and AstraZeneca among its clients.
(Reporting by Pratik Jain; Editing by Tasim Zahid)
