(Reuters) -Catalent Inc said on Tuesday it has reached a settlement with activist investor Elliot Investment Management, agreeing to add four new directors to its board and to conduct a “strategic review”.
The statement confirmed a Reuters report on Monday that such a settlement was imminent.
The company has been seeking to return to growth and cut costs as production snags and regulatory inspections at three of its key facilities hit profit margins, and subsequent accounting issues led it to repeatedly delay its results earlier this year.
Separately, Catalent Inc said it was delaying its annual report.
It reported a 17% fall in quarterly revenue on Tuesday, hurt by persistent production-related challenges at the contract drug manufacturer’s major facilities.
(Reporting by Sriparna Roy in Bengaluru; Editing by Shinjini Ganguli)
