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The Distribution Oligopoly — McKesson, Cencora, Cardinal · The GLP-1 & Bio Supply Chain — Peptides, Bioprocessing & Diagnostics

delisted

Catalent (acquired by Novo Holdings, Dec 2024)
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Reference only — fill-finish CDMO acquired by Novo Holdings at $63.50, $16.5B EV.

What they do

Reference only. Catalent was acquired by Novo Holdings December 2024 at $63.50/share, $16.5B enterprise value. Three fill-finish sites were sold directly to Novo Nordisk for GLP-1 production. No longer publicly investable — included to flag that GLP-1 fill-finish capacity has been partially internalized by Novo.