Angelini Pharma announced a definitive agreement to acquire Catalyst Pharmaceuticals in an all-cash transaction valued at approximately $4.1 billion. Under the agreement, Catalyst shareholders will receive $31.50 per share in cash.
The acquisition price represents a 21% premium to Catalyst’s unaffected closing share price on April 22, 2026, and a 28% premium to the company’s 30-day volume-weighted average trading price prior to reports of the transaction becoming public.
The Boards of Directors of both companies unanimously approved the transaction, which is expected to close during the third quarter of 2026, subject to shareholder approval, regulatory clearances, and customary closing conditions.
Angelini Pharma said the acquisition marks its formal entry into the United States pharmaceutical market and significantly expands its presence in neurological rare diseases and brain health.
Catalyst Pharmaceuticals focuses on commercial-stage therapies for rare neuromuscular and neurological disorders. Its portfolio includes FIRDAPSE for Lambert-Eaton myasthenic syndrome, AGAMREE for Duchenne muscular dystrophy, and FYCOMPA for epilepsy-related seizures.
Following completion of the transaction, Angelini Pharma plans to integrate Catalyst’s commercial infrastructure and rare disease portfolio with its own central nervous system and brain health operations to build a larger global rare disease platform.
The transaction will be financed through a combination of cash and debt financing supported by BNP Paribas, which is acting as Sole Global Coordinator and Underwriter. Blackstone funds and select international partners are also participating in the transaction.
Separately, Catalyst also announced the resolution of pending U.S. patent litigation involving FIRDAPSE and generic challenger Hetero USA through a confidential settlement agreement.
Angelini Pharma operates as part of Angelini Industries and focuses on brain health, mental health, epilepsy, and consumer healthcare products across more than 70 countries.
KEY QUOTES:
“Five years ago, we embarked on a profound transformation of Angelini Pharma — organizational, scientific and strategic — with the ambition to build a company capable of competing at the highest global level. On one hand, we continued to invest in our traditional portfolio; on the other, we chose to focus on central nervous system disorders, with the goal of addressing an unmet medical need that is, unfortunately, growing significantly.”
Sergio Marullo di Condojanni, CEO, Angelini Pharma
“Today, we take another significant step with the acquisition of Catalyst Pharmaceuticals, which we believe will establish Angelini Pharma as a relevant global player in neurological Rare Diseases. Entering the U.S. market will allow us to acquire the scale and capabilities needed to continue this journey.”
Sergio Marullo di Condojanni, CEO, Angelini Pharma
“Patient care remains at the heart of our vision. We continue to look ahead with determination, backed by a clear strategy and the drive to keep growing on a global scale. We are proud of a transaction that demonstrates, once again, the dynamism of the Italian pharmaceutical industry.”
Sergio Marullo di Condojanni, CEO, Angelini Pharma
“This is a pivotal and transformative moment for Catalyst, our team, and the patients we serve. By combining our unique capabilities in rare diseases with Angelini’s proven global reach, we will create a stronger, scalable, and robust rare disease platform to expand access to life-changing therapies worldwide.”
Rich Daly, President And CEO, Catalyst Pharmaceuticals
“For shareholders, this transaction delivers immediate and certain cash value through a compelling premium. We are proud of the incredible foundation our team has built and are confident that together with Angelini, we can enhance patient support, accelerate innovation, and continue to drive sustainable long-term value for all stakeholders.”
Rich Daly, President And CEO, Catalyst Pharmaceuticals
