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Contract drug manufacturer Catalent has announced plans to acquire leading gene therapy company Paragon Bioservices for $ 1.2 billion.
The agreement aims to strengthen Catalent's organic business and is another example of the growing interest in gene therapy among pharmaceutical industry players.
"Paragon's unparalleled expertise in the rapidly growing gene therapy product manufacturing market will be a transformative addition to our business, which we believe will accelerate our long-term growth." Paragon provides Catalent with a complementary capability that will fundamentally enhance our end-to-end organic biopharmaceutical and end-to-end biopharmaceutical solutions for customers, "said John Chiminski, President and CEO of Catalent. "We look forward to working with Paragon's incredibly talented team and world-clbad clients to complement the significant investments underway in expanded state-of-the-art facilities and to provide patients with ground-breaking life-saving treatments."
Paragon has been operating in the pharmaceutical industry for over 25 years and specializes in the vectors of the adeno-badociated virus (AAV), the most widely used delivery system for gene therapy, as well as unique capabilities in GMP plasmids and lentivirus vectors. Catalent hopes that Paragon's expertise will help it capitalize on the growing gene therapy market, which is expected to reach more than $ 35 billion in the United States by 2026.
Pete Buzy, President and CEO of Paragon, said, "Our existing investors, NewSpring Health Capital and Camden Partners, have helped us a lot in bringing us where we are today. We are excited to partner with our industry's leading partner in drug development and manufacturing. This transaction will allow us to reach our next stage of development and expand our capabilities and platform for the benefit of our customers and their patients. "
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