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Novo Holdings acquires Catalent for $16.5 billion

Deal Overview

Vice President: Adityawardhan Gaikwad

Analysts: Callum Ewart, Anushka Singh, Samuel Golder, Abhimanyu Pandey

Acquirer: Novo Holdings, parent company of Novo Nordisk 

Acquiree: Catalent 

Deal Value: $16.5 billion

Buy-side advisors: Morgan Stanley (financial), Davis Polk & Wardwell LLP, Goodwin Procter LLP and Linklaters LLP (legal)

Sell-Side advisors: Citi and J.P. Morgan (Financial), Jones Day, Skadden, Arps, Slate, Meagher & Flom LLP (Legal)


In a strategic move to expand pharmaceutical capabilities, Novo Holdings has agreed to acquire Catalent for $16.5 billion in an all-cash transaction. The merger entails Novo Holdings acquiring all outstanding shares of Catalent at $63.50 per share, representing a 16.5% premium to Catalent’s recent closing price. This acquisition is expected to conclude by the end of 2024. Of Catalent's 50 global sites, Novo Holdings is set to sell three sites to Novo Nordisk, in which Novo Holding has a controlling interest. The sites are located in Anagni, Italy; Bloomington, Indiana, USA; and Brussels, Belgium. The transaction aims to expand production to meet the rising demand for Wegovy, a popular obesity drug. By leveraging Novo Holdings' expertise and resources, Catalent is poised to accelerate its mission of driving innovation and investment in developing premium manufacturing solutions for the healthcare industry. This deal also aligns with Novo Holdings' strategy of investing in established life science companies with robust long-term prospects. 

Catalent overview

Formed in 2007 and headquartered in Somerset, New Jersey, Catalent Inc. is a leading facilitator in empowering pharmaceutical, biotechnology, and consumer health collaborates to enhance the development, launch and ongoing supply of products worldwide. The pharma and consumer health sector of the business focuses on the formulation, development and manufacturing of medicines, including clinical trial developments and supply services. It represented 54% of the net revenue in 2023. Moreover, its biotechnology sector provides comprehensive solutions from developments and biomanufacturing for finishing and packaging of new biological entities, cell and gene therapies. It accounted for 46% of the company's net revenue in 2023. With an expert workforce of nearly 18,000, including over 3000 scientists and technicians, Catalent earned nearly $4.3 billion in the 2023 fiscal year. The company is pivotal in expediting over 1,500 partner programs annually, introducing approximately 150 new products annually. Operating flexible manufacturing platforms across over 50 global sites, the company provides 70 billion doses of almost 8,000 products annually.

Catalent’s net income had been rising throughout the pandemic, with an impressive 205.78% increase in from 2020 to 2021. However, the company has been experiencing a negative income ever since then. Its income fell 8.7% in 2022 and 153% in 2023 from the previous year’s figures. Moreover, in 2023, the company’s revenue fell by 11.2%. In its financial reports, Catalent has cited a “decline in Covid-19 related programs” for this substantial decline. These programs include collaboration with pharmaceutical developers like Moderna to manufacture Covid-19 vaccines. Even 2024 financials report a decline of 10% in net revenue. Due to their financial hardship, the company has been working towards a restructuring plan to cut costs and increase efficiency. Around 300 positions were laid off in its cost-cutting campaign between October and December 2023. Recently, it laid off 130 people in its Indiana factory, one of the sites being sold off to Novo Holdings, raising concerns about the overall consequences of the deal. 

Catalent has also come under scrutiny for failing multiple quality control tests according to the US sterile safety standards. In fact, according to Reuters, the investigators also encountered a pest in the manufacturing lines. This also has implications on the suitability of the transaction that is still subject to approval by authorities. 

Catalent operates in a highly competitive market. It faces competition from various companies like Adelyn Biosciences, Regeneron Pharmaceuticals and WuXi Biologics. These companies also offer advanced delivery technologies, outsourced dose farms or manufacturing, clinical trial developments to pharmaceutical, biotechnology and consumer health companies globally.  Catalent also faces competition with internal operations of their clients that choose to source these manufacturing services internally. There has also been expanded competition from low-cost markets such as India and China, which may in future affect Catalent's results of operations and growth adversely. 

Novo Holdings overview

Novo Holdings is a Danish investment company that oversees the assets and wealth of the Novo Nordisk Foundation. The foundation operates with the primary objective of developing global health and promoting sustainability. Novo Holdings, the parent company of the foundation, aims to generate favourable long-term returns on the foundations’ assets. Novo Holdings is the principal shareholder of Novo Nordisk and manages a diverse portfolio, including equities, bonds, real estate, infrastructure, and private equity. The company is known for its leadership in life sciences investment. As of 2022, Novo Holdings' total assets were valued at EUR 108 billion. Its investments mainly consist of life sciences investment and capital investments, which make up 51% and 49% of its portfolio respectively. In 2023, it acquired a Denmark based company Ellab. that provides monitoring solutions and services for biotech and pharmaceutical processes. 

The Novo Nordisk Foundation was established in 1942 in Denmark. It is an enterprise foundation aimed at progressing research and innovation in preventing and treating cardiometabolic and infectious diseases. Its main products include the diabetes and obesity treating drug semaglutide and Wegovy respectively.  The high exponential growth of these two products has made Novo Nordisk the highest valued pharmaceutical company in Europe, with its market capitalisation exceeding Denmark’s domestic GDP in 2023. Novo Nordisk is also involved with hemostasis management, growth hormone therapy and hormone replacement therapy. 

Novo Nordisk experienced consistent growth in its annual revenue throughout and post the pandemic. Its revenue for 2023 saw a major 34.59% increase from 2022. This is primarily attributed to the high growth sales of its obesity and diabetes drugs.

The company’s net income has also seen consistent high growth rising by 54.4% in 2023 to amount to $12.151bn. 

Despite its good standing in the market, the company recently embattled controversy, when it was suspended from the Association of the British Pharmaceutical Industry (ABPI) for two years for engaging in misleading marketing practices, including bribing health professionals with inducement to prescribe their medicines. 

Novo Nordisk faces competition from various firms like Aimmune Therapeutics, MannKind Corporation, Abbott, Amgen and Gilead Sciences. However, its prime competition is the US based company, Elli Lily. Elli Lily’s Zepbound is another obesity-treating drug. Both firms have experienced substantial growth in just a few months of launching their respective drugs. With the announcement of the acquisition, Lily has also called for thorough scrutinisation of the deal, stating that it obstructs anti-trust regulations.

This type of deal is quite unusual in the industry, as pharma companies do not usually acquire their manufacturers. Despite this, the acquisition is expected to have a low negative impact on Novo Nordisk’s operating profit growth for 2024 and 2025, highlighting the importance of expanding its manufacturing capabilities for Wegovy and Ozempic. The fill-finish process, essential for the sterile preparation of injection pens, has been a bottleneck in Novo Nordisk’s supply chain, particularly for Wegovy, which Catalent has been supplying. The strategic acquisition of these sites is a key move to alleviate these bottlenecks and improve the supply chain for these drugs​​​​.

Industry Analysis

Both Novo Nordisk and Catalent operate in the pharmaceutical industry. It is a medicinal industry involved in the discovery, development, production and marketing of pharmaceutical drugs to administer medications to patients. This industry is highly fragmented, with companies consistently working on new launches and using inorganic growth opportunities to expand client base and production. The market is expected to grow from $222.4 billion in 2022 to $352.98 billion in 2030, growing at a CAGR of 5.9%. With about 52.3% of the market share in 2022, North America is the largest pharmaceutical market, followed by Europe with a 22.4% market share. Both companies are located in these regions, so this deal presents a golden opportunity to capture a large portion of the market. The Asia Pacific region is also a fast-growing market, accounting for 26% of the market. There is also a recent trend of rapid growth in the market and research environment in emerging economies such as China, India, and Brazil, leading to a gradual migration of research activities from Europe to these emerging economies. Despite the trend, 64.4% of new medicines launched from 2017 to 2022 were sold on the US market, compared with 16.4% in the European market.

The United States remains the largest market for marketing and launch of new medicines, causing it to remain the country with the largest contributor to the pharmaceutical industry.

The pharmaceutical industry has been growing exponentially for a long time, with its growth being further aggregated by the pandemic. Key trends driving this growth include an aging population and increased investment in research and development.  With an increasing number of older people worldwide, there has been increasing pressure on the world healthcare system, which drives growth and demand in the pharmaceutical in`dustry. They also necessitate the development of new and more effective treatments. With firms spending as much as 25% of their revenues on research and development, including discovery and testing of new drugs as well as  research on chronic diseases and their cures, the pharmaceutical industry is only set to grow in the coming years.

Despite its success, the industry also faces numerous threats, including supply chain management, acquiring intellectual property rights, and regulatory concerns. There has been rising operational complexity with increasing risks of economic, social, and governance factors and the constant pressure to innovate continuously. Since the life cycle of pharmaceutical products is very long, it will also require significant investments within a short span of time. Moreover, the industry is also experiencing a shortage of skilled workers with the increasing advancement of technology. In 2021, more than 40% of the biopharma industry in the US struggled to hire process development staff due to a shortage of adequate talent.  This could necessitate reskilling and upskilling of staff and a renewed focus on recruiting from outside the pharma industry.

The pharmaceutical industry may experience significant increases in capital expenditure due to the construction of new sites and new digital infrastructure. This is likely to cause increases in variable costs in areas like raw materials, transportation, employee attrition, reskilling and salaries.

Deal Valuation and Financial Analysis

WACC Calculation

The WACC calculation is as usual and uses the sources and assumptions in the notes section.

DCF Model

The cash flow calculations here use the revenue build and construct the Unlevered Free Cash Flow (UFCF) for future periods.

Terminal Value, Share Price and Sensitivity

Comparing the Perpetuity Growth Method (PGM) and Exit Multiple Method (EMM), it is evident that the implied share prices are quite similar. The former presents a control premium of 19.9%, while the latter suggests a discount over intrinsic value of 8.8%. Our choice of trading multiple - EV/EBITDA - is a factor engendering this disparity. Due to Catalent’s wide range of operations, normalizing its valuation against a specific sub-sector may lead to deviations from expectations. Nonetheless, the average control premium of 14.3% indicates a justifiable offer price.   

It is evident that the implied share price under the PGM is highly sensitive, ranging from $36.29 with a Perpetuity Growth Rate (PGR) of 6.1% and WACC of 11.7%, to $250.90 with a PGR of 8.1% and WACC of 9.7%. This sensitivity arises from the interplay between the growth rate and the discount rate, which significantly impact the present value of future cash flows. A small change in either parameter can lead to substantial fluctuations in the implied share price.

Comparable Companies Analysis and Precedent Transaction Analysis

The Comparable Company Analysis (CCA) uses a broad range of similar companies within the pharmaceutical industry, in order to calculate valuation multiples that should give us a suitable range of values of what an average firm within this industry should be valued at. However, Catalent does have significantly larger values of their multiples anyway (for instance an EV/EBIT multiple of 72.3x). This could prompt the idea that the current share price is overvalued, which could be drawn from the falling post-covid net income figures from 2023 onwards. 

Despite this, one can see the range of calculated multiples from comparable companies here and can also view the summary of this within the football field chart. Moreover, we concluded the EV/EBIT multiple was somewhat hard to see across the CCA as the value was significantly larger than other firms. This might be characterized by the company encountering significant depreciation and amortization (D&A) due to the use of outdated equipment (shown in the FCF build of rising CAPEX to cover deteriorated capital).

Precedent Transaction Analysis

The precedent transaction analysis looked at multiple deals within the space that Catalent operated in, analyzed the valuation multiples of the acquired firms and calculated an implied share price for these multiples. 

(One should note that as these multiples are taken during M&A, there will be a transaction premium included within the valuation multiple and thus the implied share price as investors need an incentive to sell their shares). This describes why the EV/REVENUE multiple forms a share price around 40% higher than the current share price.

Football Field Analysis

This summary analysis depicts all the valuation methods used throughout this report. We have formed numerous ranges of where Catalent’s share price could lie depending on the different type of valuation used and the assumptions (mainly for DCF). Along with the current share price (yellow dashed line of $56.78), we can see that the price paid for Catalent’s shares ($63.50) fits within our valuation implying that this price is suitable. However, one should note that Catalent ,as an independent entity, could also be overvalued as the implied share price through these methods also generates a lower share price than the current and paid price per share within this deal. Nevertheless, the value creation of improving Novo Holdings’ production capabilities within the pharmaceutical industry.

Deal Rationale

Novo Holdings Rationale

Novo’s acquisition of Catalent aligns with their strategy of investing an established life science companies with strong potential for the long-term. This acknowledges their current core mission to contribute to the improvement of people’s health and the sustainability goal of generating strong capital returns too. These recent goals and philanthropic activities are something they value highly when looking for specific acquisitions. Hence their CEO Kasim Kutay said this is a great strategic fit for the long-run of their firm.


Novo Nordisk's move to acquire Catalent is part of its strategy to increase its ability to meet demand for Wegovy (demand up 26% from 2022), a highly popular weight loss drug as well as other weight loss drugs like GLP-1 and Ozempic. The increase in demand for these weight-loss drugs is due to a variety of reasons. The most notable is the increase in attention from doctors about health related risks that come from a result of obesity like diabetes. This is not the only reason, constant pressure from social media has altered people's perception of how people should look, consequently people wanting to lose weight has also increased. Meeting the demand for weight-loss drugs has been a massive issue and has resulted in the loss of an estimated $1.5 billion in revenue according to Forbes. This acquisition marks the opportunity for Novo to gain access to Catalent’s Wegovy manufacturing sites. According to Bruce Phelan this practice of acquiring companies to gain access to manufacturing sites and utilizing new drugs has been ever growing since 2015. In terms of this specific acquisition, Novo will be able to gain limited access to over 50 global sites. The three specific sites that Novo will have direct access to are still-finish sites and related assets. These three sites are located in Anagni (Italy), Indiana (USA) and Brussels (Belgium) that will also allow further employment of over 3,000 employees. In addition to this, weight-loss drugs are becoming ever more popular with demand expected to continue to grow over the next few years. This is evident with the fact that sales in the US alone for weight-loss drugs, Wegovy included, rose by 193% from 2022. This indicates the clear opportunity for the requirement of this expansion. Therefore, becoming in charge of these three manufacturing sites and gaining access to utilize other sites will be extremely useful to meet supply issues while also preparing for the expected increase in demand over the next few years.  


Catalent Rationale

Catalent’s perspective of the acquisition is extremely positive and is largely to do with the premium (of approximately 16.5%) and certain cash flows aligning prominently with their best interest. According to their board, there was a unanimous agreement that agreed to this merger as well as the likelihood of them becoming a privately held company.  In addition, after this deal is complete both companies have agreed that the companies will operate separately and as they already do, this was again in favour of Catalent's board. This is extremely beneficial for a multitude of reasons. To begin with, they still have the ability to stay as a leading global CDMO meaning their brand and reputation will stay intact allowing them to function at high profitability rates still. Furthermore, ensuring they stay as a separate entity allows for employees to benefit from job stability and job familiarity. The reason this is so important is it will ensure Catalent sees continued efficiency improvements without the alteration of operations that often occurs after acquisitions. 

Although Catalent employees will benefit through the acquisition, they are still currently seeing an estimated 300 employees lose their jobs because of a corporate restructuring. This issue is extremely detrimental to Catalents success as they are having to down size potentially hindering that benefit of increased job security. However, Novo Holdings is expected to help Catalent address these issues by providing stability and potentially creating new opportunities for the company and its employees. This move will enable Catalent to enhance its capabilities and potentially improve its position in the market.


According to Catalent’s CEO Alessandro Maselli, they are also looking to gain benefits from Novo’s resources they offer as well as improving investments into the company allowing them to develop their manufacturing solutions for pharma and biotech customers. This is something that is extremely vital for Catalent as they pride themselves on developing comprehensive biotech with further enhanced technology. As a result, it coincides with their strategy for continuing to operate in this market while still being able to operate like they normally do.

Supply Chain and Cost Efficiency Synergies

This strategic manoeuvre is aimed at tightening control over the supply chain of numerous weight-loss drugs, more specifically Wegovy. However, a main synergy with this deal is the aim of improving operational efficiency and consistent quality across the manufacturing processes. The reason this is so important for Novo is because within the market there are consistent opportunities for a rise in market share. In order for this to occur though there is a requirement of adaptability and effectiveness. This is largely because the pharma market is extremely competitive and constantly evolving with numerous medical breakthroughs. Within the market, CDMOs often find innovation and development in efficiency processes to allow this to seize market shares.


This deal also ties in with Novo’s goal and strategy of reaching more people living with diabetes and obesity with current and innovative future treatments. Gaining access to these new facilities for operation will reduce costs while also allowing supply to improve. The reason behind why efficiency is critical in the pharma industry is because when trends and demands for specific drugs arise, like the current demand for obesity drugs, it means profit margins can rise drastically with their products leading cost synergies to also arise with these efficiency synergies. This vertical integration has also placed Novo in a strong position to utilise Catalent’s resources. This is extremely crucial because they can address issues they had with their bottlenecks in the full-filling process, which is essential for the sterile preparation of injection pens. The transaction that will support an incremental increase in filling capacity from 2026 onwards, provides strategic flexibility to Novo Nordisk's existing supply network and enables the company to serve more people living with diabetes and obesity in the future. By streamlining production processes and focusing on internal manufacturing, Novo Nordisk aims to reduce costs associated with outsourcing and enhance overall operational efficiency. This is a more notable benefit for Novo, however Catalent sees this as an opportunity to make the most out of their production process that they do not maximise production with currently meaning a further improvement to their efficiency as well.


Financial Synergies

The acquisition of Catalent by Novo Holdings is expected to have a positive impact on Novo Holdings' financial performance. Novo Holdings, the parent company of Novo Nordisk, has significant resources, including a large cash pile and assets under management exceeding $100 billion that enabled the acquisition without facing significant financing challenges. As previously stated, the pharma industry invests a lot of money into Research and Development (R&D) so being able to complete these transactions in a position where they can continue to finance R&D while also gaining benefits of the manufacturing sites will be astronomically beneficial in terms of their financial synergies and development of the firm. The acquisition of Catalent by Novo Holdings is expected to impact Novo Holdings' debt-to-equity ratio. Novo Holdings will acquire Catalent for $16.5 billion, with Novo Nordisk agreeing to acquire three fill-finish sites from Novo Holdings for $11 billion. This acquisition will involve a significant amount of cash outflow, which could potentially increase Novo Holdings' debt levels, impacting its debt-to-equity ratio. The current debt-to-equity ratio of Novo Holdings is 0.25 as of the quarter that ended in December 2023. However, the impact of how Novo operates will not be too detrimental as they have the ability to fund this and continue to make back their cash holdings due to the efficiency and cost synergies that also improve this acquisition as stated in the previous section. Novo Holdings will acquire Catalent for $63.50 per share in cash, representing a premium of 16.5% to the closing price of Catalent's common stock as of February 2, 2024, and a significant premium of 47.5% to the 60-day volume-weighted average price as of February 2, 2024. This premium reflects the value Novo Holdings sees in acquiring Catalent and the strategic importance of this acquisition for both companies. 


Novo Holdings' acquisition of Catalent for $16.5 billion involves an EBITDA multiple of approximately 22.9x based on Catalent's guidance for FY 2024, with EBITDA expected to range between $680 million to $760 million. This high EBITDA multiple is one of the largest seen for a Contract Development and Manufacturing Organization in recent transactions, reflecting the premium value attributed to Catalent's operations and potential synergies with Novo Nordisk. Despite a decline in Catalent's revenue and EBITDA from FY 2022 figures due to operational challenges, the acquisition at this multiple signifies Novo Holdings' confidence in the strategic fit and growth opportunities presented by integrating Catalent into its operations.

Weight loss drugs like Wegovy and other medications significantly contribute to Novo Nordisk's revenue. Sales of obesity and diabetes drugs surged by 42% to approximately £17.6 billion in 2023, with overall sales rising by 36% to around £19 billion. Specifically, Wegovy sales soared by 154% in 2023, demonstrating the substantial impact of weight loss drugs on Novo Nordisk's revenue. This surge in sales reflects the growing demand for these medications and their effectiveness in addressing health concerns like obesity and diabetes, positioning them as key revenue drivers for the company post-acquisition.



This acquisition worth a staggering $16.5 billion is going to shape the potential landscape for the drug manufacturing industry, although it does not come without a number of risks for both sides of the agreement. Firstly, the announcement for this agreement has raised numerous objections related to the risk of shortages, manufacturing standards and antitrust violations. These objections were initiated mainly because Catalent’s facilities, including the three given to Novo in this deal, are said to be plagued with problems. This statement was first injected around them when the FDA sounded quality control problems at their sight in Indiana, one of the main three. Inspectors said there was a pest on the production line as well as four other violations. These were all said to explain the discrepancies in some of the batches of their products. This is a massive concern because although Novo gain access to being able to meet the demand that has been looming over them, the quality and more specifically quality control by Catalent and their sites is not of great quality. This could mean errors in the production of the weight-loss drugs which in turn could alter how people view them and their drugs.


Eli Lilly, a rival drug manufacturer, has stated that their drugs are also manufactured on Catalent’s sites. This has caused massive antitrust concerns to arise. Catalent is an integral part of their operations and has paved the way for Eli to produce goods at a solid rate; however, this acquisition has put pressure on them to look for potentially more producers. This isn’t only the case for Eli, but over 100 entities who are clientele for Catalent but rivals for Novo. Therefore, this vertical integration will likely mean Catalent sees a massive reduction rate in those utilising their sites. This acquisition will cause many of these entities to not have faith in them as it is likely Novo will become their priority and in turn, they could see a subsequent reduction in operating profits and more. As a result, legal action could be taken against them due to the market authorities however, it will not likely result in anything too dangerous as it is the entity's decision whether to stay or leave.

The risk of Catalent and Novo Nordisk operating as separate entities post-acquisition lies in potential challenges related to coordination, alignment, culture and strategic direction. Maintaining separate identities could lead to difficulties in integrating operations, systems, and processes between the two companies, potentially impacting efficiency and collaboration. There might be risks associated with conflicting priorities, different corporate cultures, and potential communication barriers that could hinder the seamless functioning of both entities under the new ownership structure. Additionally, operating independently may limit the synergies that could be achieved through closer integration and collaboration between Catalent and Novo Nordisk, potentially impacting their ability to fully leverage each other's strengths and resources for mutual benefit.


The final, but most abundant key risk is the fact that regulatory scrutiny will become evident. As previously stated, Eli Lilly’s antitrust issues will spark this. However, the market competition regulators will also move into looking into this deal. This is largely because the acquisition will likely have massive effects on the dynamics of the pharmaceutical industry. The key analysis will be into innovation, access to critical medication and overall market competitiveness. By scrutinizing these areas, regulators will ensure there is a fair and competitive environment as a result of this deal. However, if regulators find issues with the deal such as a restriction to those being able to access critical drugs, this deal will be heavily regulated and might fall flat if there are too many skeptics around it.


In conclusion, the acquisition of Catalent by Novo Holdings marks a significant strategic move within the pharmaceutical industry, with implications for both companies and the broader market. This deal reflects Novo Holdings' strategic vision to expand its pharmaceutical capabilities and address the rising demand for weight-loss drugs.

By gaining access to Catalent's manufacturing sites, Novo Holdings aims to enhance its production capacity for key medications like Wegovy and Ozempic, addressing bottlenecks in its supply chain and improving operational efficiency. Additionally, the acquisition presents financial synergies, as Novo Holdings leverages its resources to fund the transaction and drive future growth.On the other hand, Catalent stands to benefit from the acquisition through a premium valuation and access to Novo Holdings' resources. 

Despite the potential synergies and benefits, regulatory concerns and operational challenges post-acquisition remain key risks for both companies. However, if successfully navigated, this deal has the potential to reshape the pharmaceutical landscape, enhance competitiveness, and drive innovation in the industry. 

Overall, the acquisition of Catalent by Novo Holdings underscores the evolving dynamics of the pharmaceutical market and highlights the strategic imperative for companies to adapt, innovate, and collaborate to meet the growing healthcare needs of patients worldwide.


  1. Hollan, M. (2024). ‘What Novo Nordisk’s Purchase of Catalent Means for the Industry’. Retrieved from




  1. Hamilton, W. (2024). ‘Pharma Services EBITDA Multiples: Novo Purchases CDMO Catalent for $16.5 billion’. Retrieved from




The opinions expressed in the reports are those of the members of the Junior IB team and are not affiliated with any university or institution. The financial recommendations provided are for educational purposes only and the Junior IB team takes no responsibility for any losses that may occur from implementing any ideas presented in the reports. The Junior IB team is not authorized to provide investment advice. The information, opinions, and estimates presented in the reports reflect the Junior IB team's judgment at the time of publication and are subject to change without notice. The price, value, and income of any securities or financial instruments mentioned in the reports may fluctuate. The Junior IB team has no business relationship with any of the companies mentioned in the reports  and does not receive any compensation for their inclusion. 

Copyright © May 2024 | The Junior IB. 


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