Angelini Pharma agreed on 7 May 2026 to acquire Coral Gables, Florida-based Catalyst Pharmaceuticals for $31.50 a share in cash, valuing the company at about $4.1bn.
Why Angelini Pharma S.p.A. is buying Catalyst Pharmaceuticals, Inc.
Angelini said the deal marked its entry into the US market and strengthened its focus on brain health and rare diseases. Catalyst sells medicines for rare neuromuscular and neurological conditions, led by FIRDAPSE.
Deal terms and financing
The cash price was a 21% premium to Catalyst's unaffected close on 22 April 2026 and a 28% premium to its 30-day volume-weighted average. Blackstone funds and select international partners participated, and BNP Paribas led the debt financing; Italy's CDP Equity later agreed to invest about €1bn for 23.5% of Angelini Pharma.
Regulatory approvals and timing
The tender required Catalyst shareholder approval and regulatory clearances. Catalyst said the deal closed on 15 July 2026 and Angelini announced completion the next day, after which Catalyst's shares stopped trading on Nasdaq.
