Catalent to buy Paragon Bioservices for $1.2 billion

NEW YORK: Drug developer Catalent Inc has agreed to buy privately held, gene-therapy focused Paragon Bioservices Inc for $1.2 billion, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
The all-cash deal between the companies would help Catalent expand its capabilities to develop specialised and costly gene therapy treatments, the Journal said.
Catalent and Paragon did not immediately respond to requests for comment on Sunday.
Drug companies have been moving aggressively into gene therapy, where treatments for rare, inherited diseases command some of the highest prices in medicine.
Paragon, backed by private-equity firms Camden Partners and NewSpring Capital, focuses on developing gene therapy, next-generation vaccines, and other complex biopharmaceuticals for its clients.
The Baltimore, Maryland-based company is expected to record more than $200 million in revenue this year, the Journal said. — Reuters