Novo, Catalent Deal Set to Underpin FTC Vertical Merger Scrutiny

A bid by the owner of Wegovy maker Novo Nordisk A/S to buy a key manufacturer presents an opening for the US Federal Trade Commission to take action against vertical mergers and pharmaceutical industry consolidation.

The FTC last week requested more information about Novo Holdings A/S’s proposed $16.5 billion acquisition of Catalent Inc.—a step that could lead to a formal antitrust investigation and potential lawsuit. Novo Nordisk, Europe’s most valuable company, makes blockbuster diabetes and obesity drugs Ozempic and Wegovy, while Catalent is one of the largest manufacturing providers for the pharmaceutical industry.

The deal is grabbing the FTC’s ...