Dive Brief:

潜水简介：

Novo Holdings can complete its $16.5 billion acquisition of contract drug manufacturer Catalent after antitrust regulators in the U.S. declined to challenge the deal before the expiry of a deadline, the companies said Saturday.

诺和诺华控股（Novo Holdings）周六表示，在美国反托拉斯监管机构拒绝在截止日期之前对该交易提出质疑后，诺和诺华控股（Novo Holdings）可以完成其165亿美元收购合同药品制造商Catalent的交易。

The decision by the Federal Trade Commission, which had asked the companies for more details after the deal’s announcement in February, follows the European Commission’s approval of the acquisition earlier this month. Novo Holdings and Catalent said they now expect the transaction to close within the coming days..

美国联邦贸易委员会（Federal Trade Commission）在2月份宣布该交易后，曾要求两家公司提供更多细节。此前，欧盟委员会（European Commission）于本月早些时候批准了该收购案。Novo Holdings和Catalent表示，他们现在预计交易将在未来几天内完成。。

As a result, Novo Nordisk, the Danish drugmaker that’s controlled by Novo Holdings, can move ahead with a related purchase of three large Catalent factories in Italy, Belgium and Indiana for $11 billion. Addition of the plants will help Novo expand production of injectable drugs like its weight loss medicine Wegovy..

因此，由诺和诺德控股（Novo Holdings）控制的丹麦制药商诺和诺德（Novo Nordisk）可以继续以110亿美元的价格收购意大利、比利时和印第安纳州的三家大型Catalent工厂。这些植物的添加将有助于Novo扩大其减肥药Wegovy等可注射药物的生产。。

Dive Insight:

潜水洞察：

Closure of Novo Holdings’ deal for Catalent will reshape the contract drugmaking sector, taking private one of the largest CDMOs and placing it under the banner of a company that also controls the world’s second largest pharmaceutical company by value.

Novo Holdings收购Catalent的交易的结束将重塑合同制药业，将最大的CDMO之一私有化，并将其置于一家公司的旗下，该公司也控制着世界第二大制药公司的价值。

The implications of such a vertical merger have been debated for the past 10 months, as regulators in the U.S. and Europe investigated whether Novo Holdings’ ownership would be anticompetitive. In the U.S., some lawmakers and advocacy groups had pressured the FTC to challenge the deal on the same grounds..

。在美国，一些立法者和倡导团体以同样的理由向联邦贸易委员会施压，要求其对该协议提出质疑。。

The deal also caught the attention of Novo Nordisk’s pharma peers; the CEOs of both Roche and Eli Lilly expressed skepticism over its fairness — unusual intra-industry criticism.

该交易也引起了诺和诺德制药同行的注意；罗氏（Roche）和礼来（Eli Lilly）的首席执行官都对其公平性表示怀疑，这是行业内不寻常的批评。

A good part of the scrutiny has to do with Ozempic and Wegovy, the in-demand diabetes and weight loss drugs sold by Novo Nordisk. The Danish drugmaker is locked in a fierce battle for market share with Eli Lilly, and both companies have invested many billions of dollars in an attempt to quickly ramp up their production capacity..

审查的很大一部分与Ozempic和Wegovy有关，这是诺和诺德销售的急需的糖尿病和减肥药物。这家丹麦制药商正与礼来（Eli Lilly）展开激烈的市场份额争夺战，两家公司都投资了数十亿美元，试图快速提高产能。。

The three Catalent plants Novo Nordisk will gain in its related deal with Novo Holdings will give it a significant leg up in that quest, likely helping to lock in its dominant position in a market some analysts expect will eventually eclipse $100 billion in annual sales.

诺和诺德将在与诺和诺德控股（Novo Holdings）的相关交易中获得三家加泰罗尼特工厂，这将为其在这一追求中提供重要支持，可能有助于巩固其在市场上的主导地位，一些分析师预计，该市场的年销售额最终将超过1000亿美元。

“Limiting the competition in this space is not a good idea,' Roche's CEO Thomas Schinecker said in an October call with reporters. 'From an industry perspective, it would be a wrong decision by authorities.'

罗氏首席执行官托马斯·希内克（ThomasSchinecker）在10月份的一次记者电话会议上表示：“限制这一领域的竞争不是一个好主意。从行业角度来看，这将是当局的错误决定。”

The European Commission came to a different conclusion. In a statement on its clearance of the deal, the EC said it determined that makers of injectable drugs “will continue to have access to a number of significant, credible CDMOs.” The comission also judged there was “sufficient spare capacity” in the contract drug market..

欧盟委员会得出了不同的结论。欧盟委员会在一份关于批准该交易的声明中表示，它确定注射药物制造商“将继续获得一些重要的，可信的CDMO”。欧盟委员会还判断，合同药物市场“有足够的备用容量”。。

Outside of the three plants Novo Holdings will sell to Novo Nordisk, Catalent has more than 50 other sites that it will operate independently. In an October letter to Catalent’s customers, CEO Alessandro Maselli wrote, “our commitments to you will not change, your products will remain our focus and your proprietary information will be protected.”.

除了诺和诺德控股将出售给诺和诺德的三家工厂外，加泰罗尼特还有50多家其他工厂将独立运营。首席执行官亚历山德罗·马塞利（AlessandroMaselli）在10月份写给加泰罗尼特客户的一封信中写道：“我们对您的承诺不会改变，您的产品仍将是我们的重点，您的专有信息将受到保护。”。

Novo Holdings owns about one-quarter of Novo Nordisk shares, but controls roughly 77% of the company’s voting capital. Novo Holdings itself is wholly owned by the Novo Nordisk Foundation.

诺和诺德控股拥有诺和诺德约四分之一的股份，但控制着该公司约77%的投票权资本。诺和诺德控股公司本身是诺和诺德基金会的全资子公司。

In its statement on the deal close, Novo Nordisk said the acquisition of the three Catalent sites will have a mid single-digit negative impact on operating profit growth in 2025.

诺和诺德在其关于交易结束的声明中表示，收购三家加泰罗尼特网站将对2025年的营业利润增长产生中个位数的负面影响。