Catalent-Repligen Merger 'Seems Unlikely,' This Analyst Says

Yesterday, Catalent Inc CTLT announced to acquire Metrics Contract Services for $475 million.
Keybanc notes that the deal strengthens CTLT's oral delivery portfolio and targets rapidly growing biologic applications.
Metrics produces highly active pharmaceutical ingredients that are very difficult to produce but very potent in small doses.
"After recent acquisitions and capacity expansion on the cell and gene therapy front, this acquisition will continue to balance CTLT's portfolio, adding to its newly defined Pharmaceutical & Consumer Health segment, a ~$2.2 billion business that combined its legacy oral segments." Keybanc analyst wrote
Some media outlets cited Catalent making a bid for Repligen Corporation RGEN, but Keybanc thinks it seems a stretch.
The analyst says that a merger of equals seems unlikely with Catalent's $23 billion market cap and levered balance sheet compared to RGEN's $14 billion equity value.
Price Action: CTLT shares closed at $109.94 on Friday.