At a Glance
- Acquirer: Angelini Pharma (Italy)
- Target: Catalyst Pharmaceuticals (US)
- Deal value: $31.50/share cash; $4.1B total
- Focus area: Neurological rare diseases
- Next steps: Close Q3 2026
What happened?
Angelini Pharma announced on 7 May 2026 it will acquire Catalyst Pharmaceuticals for $31.50 per share in cash, valuing the US rare-disease specialist at $4.1 billion. The deal, unanimously approved by both boards, marks Angelini’s first major US pharma market entry.
Why does it matter?
Catalyst brings established neurology portfolio (Firdapse, Fycompa) with $500M+ revenue; complements Angelini’s brain health focus. Creates “global player in neurological rare diseases”; second Italian US buyout after Chiesi’s KalVista deal.
Who’s behind it?
Angelini Pharma (family-owned since 1919); Catalyst (2002-founded, Nasdaq-listed) focuses on rare neuromuscular/neurological diseases. Blackstone funds support financing; BNP Paribas coordinates.
How was it achieved?
28% premium to 30-day VWAP (April 22); 21% to pre-report close. Follows bidder interest; tender offer expected Q3 close.
What’s next?
Tender offer, approvals; integrate portfolios for scale. Angelini eyes further growth in brain health.
What are people saying?
Sergio Marullo di Condojanni, Angelini CEO: “Establishes us as global player in neurological rare diseases.” Catalyst shares rose 1.3% pre-market.