Catalent said this week that it reduced its headcount by approximately 300 employees as part of a restructuring effort.

The company confirmed the workforce reduction in its 10-Q quarterly report, filed on Feb. 14. This also coincides with preparations for an acquisition as Novo Holdings agreed to buy the leading pharmaceutical CDMO for $16.5 billion earlier this month.

In connection with the headcount slash, Catalent incurred cumulative employee-related charges totaling approximately $12 million. Those are primarily associated with cash severance programs through Dec. 31, 2023.

The company says that it adopted plans to reduce costs, consolidate facilities and optimize infrastructure during the fiscal year ended June 30, 2023. During the three months ended Dec. 31, 2023, it extended those plans to reduce costs and headcount in its Biologics and Pharma and Consumer Health segments.

In October 2023, the company committed to closing operations at a San Francisco facility, transferring operations to other sites. It estimates $25 million in cash and non-cash charges associated with that closure.

“From time to time, the company implements plans to restructure certain operations, both domestically and internationally,” the Catalent SEC filing reads. “The restructuring plans focused on various aspects of operations, including, among others, closing and consolidating certain manufacturing operations, rationalizing headcount and aligning operations in a strategic and more cost-efficient structure.”