Lennox Joins the S&P 500 as Catalent Exits Following Novo Nordisk Acquisition

Lennox Joins the S&P 500 as Catalent Exits Following Novo Nordisk Acquisition

Heating and air-conditioning equipment maker Lennox International Inc. is set to join the S&P 500, replacing contract drug manufacturer Catalent Inc., according to an announcement from S&P Dow Jones Indices late Wednesday.

The change follows the closure of Novo Holdings’ $16.5 billion acquisition of Catalent earlier the same day. Novo Holdings is the controlling shareholder of Novo Nordisk (DK:NOVO.B), the pharmaceutical giant known for diabetes and obesity treatments like Wegovy. When the acquisition was first announced, Novo Nordisk highlighted how the move aligns with its strategy to expand access to diabetes and obesity care and increase manufacturing capacity.

In addition to the S&P 500 adjustment, S&P Dow Jones Indices confirmed that Bill Holdings Inc. (BILL) will replace Lennox International (LII) in the S&P MidCap 400. Both changes will take effect at the market open on Monday.

Following the news, Lennox shares surged nearly 4% in after-hours trading Wednesday, recovering from a 2.9% decline during the regular session. Year-to-date, Lennox has posted a 43% gain, outpacing the S&P 500's 23% advance over the same period.