Market Overview

Catalent, Inc. Announces Pricing of Public Offering of Common Stock

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Catalent, Inc. ("Catalent") (NYSE:CTLT), the leading global provider of
advanced delivery technologies and development solutions for drugs,
biologics and consumer health products, today announced the pricing of
an underwritten public offering (the "Offering") of 9,940,358 shares of
its common stock at a price to the public of $40.24 per share. In
connection with the Offering, Catalent has granted the underwriters an
option for 30 days to purchase up to an additional 1,491,053 shares of
its common stock sold at the public offering price, less the
underwriting discount. Subject to customary closing conditions, the
Offering is expected to settle and close on or about July 27, 2018.

The net proceeds from the Offering will be approximately $387.0 million
after deducting the underwriting discount and estimated offering
expenses, assuming no exercise by the underwriters of their option to
purchase additional shares. Catalent intends to use the net proceeds of
the Offering to repay a corresponding portion of the outstanding
borrowings under its U.S. dollar-denominated term loans.

J.P. Morgan, Morgan Stanley, RBC Capital Markets, BofA Merrill Lynch and
Wells Fargo Securities are acting as bookrunners for the Offering.

This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described above, nor
shall there be any sale of such shares of common stock or any other
security of Catalent in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

The Offering is being made pursuant to an effective shelf registration
statement, including a base prospectus, that was filed with the
Securities and Exchange Commission (the "SEC") on June 6, 2016 and is
available on the SEC website. A preliminary prospectus supplement and
the accompanying base prospectus related to the Offering have been filed
with the SEC on July 23, 2018 and are available on the SEC website.
Copies of these documents and the final prospectus supplement, when
available, may be obtained from J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY
11717 or by calling toll-free (866) 803-9204, or by email at prospectus_eq@jpmchase.com;
Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick
Street, 2nd Floor, New York, New York 10014; RBC Capital Markets LLC,
Attention: Equity Syndicate Department, 200 Vesey Street, 8th Floor, New
York, NY 10281; by phone at (877) 822-4089; or by email at equityprospectus@rbccm.com;
BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd Floor,
Charlotte, NC 28255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@baml.com;
and Wells Fargo Securities, LLC, Attention: Equity Syndicate Department,
375 Park Avenue, New York, New York 10152, at (800) 326-5897 or email a
request to cmclientsupport@wellsfargo.com.
The registration statement is available on the SEC's website at www.sec.gov
under Catalent's name.

FORWARD-LOOKING STATEMENTS

This release contains both historical and forward-looking statements,
including regarding the expected consummation of the proposed offering
and plans and estimates regarding the use of proceeds therefrom. All
statements other than statements of historical fact are, or may be
deemed to be, forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements generally can be identified because they relate to the topics
set forth above or by the use of statements that include phrases such as
"believe," "expect," "anticipate," "intend," "estimate," "plan,"
"project," "foresee," "likely," "may," "will," "would" or other words or
phrases with similar meanings. Similarly, statements that describe
Catalent's objectives, plans or goals are, or may be, forward-looking
statements. These statements are based on current expectations of future
events. If underlying assumptions prove inaccurate or unknown risks or
uncertainties materialize, actual results could vary materially from
Catalent's expectations and projections. Some of the factors that could
cause actual results to differ include, but are not limited to, the
following: participation in a highly competitive market and increased
competition may adversely affect Catalent's business; demand for
Catalent's offerings which depends in part on their customers' research
and development and the clinical and market success of their products;
product and other liability risks that could adversely affect Catalent's
results of operations, financial condition, liquidity, and cash flows;
failure to comply with existing and future regulatory requirements;
failure to provide quality offerings to customers could have an adverse
effect on the business and subject it to regulatory actions and costly
litigation; problems providing the highly exacting and complex services
or support required; global economic, political, and regulatory risks to
Catalent's operations; inability to enhance existing or introduce new
technology or service offerings in a timely manner; inadequate patents,
copyrights, trademarks, and other forms of intellectual property
protections; fluctuations in the costs, availability, and suitability of
the components of the products Catalent manufactures, including active
pharmaceutical ingredients, excipients, purchased components, and raw
materials; changes in market access or healthcare reimbursement in the
United States or internationally; fluctuations in the exchange rate of
the U.S. dollar and other foreign currencies including as a result of
the recent U.K. referendum to exit from the European Union; adverse tax
legislative or regulatory initiatives or challenges to Catalent's tax
positions; loss of key personnel; risks generally associated with
information systems; inability to complete any future acquisitions and
other transactions that may complement or expand the business of
Catalent or divest of non-strategic businesses or assets and Catalent's
ability to successfully integrate acquired businesses and realize
anticipated benefits of such acquisitions; offerings and customers'
products that may infringe on the intellectual property rights of third
parties; environmental, health, and safety laws and regulations, which
could increase costs and restrict operations; labor and employment laws
and regulations or labor difficulties, which could increase costs or
result in disputes; additional cash contributions required to fund
Catalent's existing pension plans; substantial leverage resulting in the
limited ability of Catalent to raise additional capital to fund
operations and react to changes in the economy or in the industry;
exposure to interest rate risk to the extent of Catalent's variable rate
debt and preventing Catalent from meeting its obligations under its
indebtedness. For a more detailed discussion of these and other factors,
see the information under the caption "Risk Factors" in Catalent's
preliminary prospectus supplement filed July 23, 2018 with the SEC,
Catalent's Annual Report on Form 10-K for the fiscal year ended June 30,
2017, filed August 28, 2017 with the SEC, Catalent's Quarterly Report on
Form 10-Q for the quarter ended December 31, 2017, filed February 5,
2018 with the SEC, Catalent's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2018, filed May 1, 2018 with the SEC, and
Exhibit 99.4 to its Current Report on Form 8-K, filed September 25, 2017
with the SEC. All forward-looking statements speak only as of the date
of this release or as of the date they are made, and Catalent does not
undertake to update any forward-looking statement as a result of new
information or future events or developments except to the extent
required by law.

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