Sawtelle-based Leonard Green and Partners plans to place an executive on the board of Catalent Inc., a Somerset, N.J.-based company involved in technology and development for drugs, biologics and consumer health products.

Catalent issued $650 million of a new series of convertible preferred stock to funds affiliated with Leonard Green, giving the private equity firm a position in the business. The preferred stock gives holders the option to convert their preferred shares into a fixed number of common shares after a specified date.

The moves come as part of Catalent’s $1.2 billion acquisition of Paragon Bioservices, a gene therapies company in Baltimore involved in technology and development for drugs, biologics and consumer health products. Peter Zippelius, a partner at Leonard Green, joined the Catalent board this month following the close of that deal.

In connection with the acquisition, a Catalent unit borrowed $950 million from JPMorgan Chase Bank and established a new credit line for $350 million. A portion of the $950 million loan from JPMorgan Chase is to fund the acquisition, said Catalent in a statement.

Finance reporter Pat Maio can be reached at [email protected] or (323) 556-8329.