Angelini Pharma acquires US-based Catalyst for 4.1 billion

Angelini Pharma acquires Catalyst Pharmaceuticals for USD 4.1 billion (the equivalent of EUR 3.5 billion) and thus enters the US market, consolidating its leadership in the area of Brain Health and Rare Disease. As explained in a note, the boards of directors of Angelini Pharma and Catalyst Pharmaceuticals unanimously approved the acquisition of Catalyst Pharmaceuticals for $31.50 per share, recognising a 28% premium over Catalyst's last 30-day volume-weighted average price as of 22 April 2026. The deal is expected to be completed in the third quarter of 2026.

The acquisition of Catalyst is part of the grand plan that, recalls Sergio Marullo di Condojanni, ceo of Angelini Pharma, started 'five years ago with a profound transformation of Angelini Pharma, organisational, scientific and strategic, with the aim of building a company capable of competing globally'. On the one hand, continues Marullo di Condojanni, 'by continuing to invest in our traditional portfolio, and on the other, by focusing on the treatment of diseases of the central nervous system, with the aim of responding to a need that is unfortunately growing rapidly. We have thus invested in innovation by developing a pipeline of high-value assets, including through collaboration agreements with leading partners such as Blackstone Life Sciences in GRIN Therapeutics'. The acquisition of Catalyst Pharmaceuticals represents "a significant new step that will make Angelini Pharma a significant global player in Rare Neurological Diseases. Entering the US market will allow us to gain the scale and expertise necessary to continue on this path. Patient care always remains at the core of our vision, and we continue to look forward with determination strengthened by a clear strategy and the will to continue to grow on a global scale. We are proud of an operation that demonstrates, once again, the dynamism of the Italian pharmaceutical industry'.

Catalyst Pharmaceuticals is a Nasdaq-listed biopharmaceutical company focused on the in-licensing, development and commercialisation of innovative drugs for patients suffering from rare and difficult-to-treat diseases. Founded in 2002 and listed on Nasdaq since 2006, Catalyst has built a strong portfolio of products focused on the treatment of rare neuromuscular and neurological diseases: FIRDAPSE® (amifampridine), the only evidence-based treatment approved by the US Food and Drug Administration (FDA) for Lambert-Eaton's myasthenic syndrome (LEMS) in patients aged six years and older; AGAMREE® (vamorolone), a breakthrough corticosteroid approved by the FDA in 2023 for the treatment of Duchenne muscular dystrophy (DMD) in patients aged two years and older; and FYCOMPA® (perampanel), an anti-epileptic drug approved for the treatment of focal onset seizures and primary generalised tonic-clonic seizures, the rights to which for the US market were acquired by Eisai in 2023. Its entry into the Angelini group represents a turning point in the transformational journey of Angelini Pharma, a group that boasts over 100 years of history and is chaired by Thea Paola Angelini, the fourth generation of the Angelini family, and is headed by Sergio Marullo di Condojanni, CEO of Angelini Pharma. The transaction has been realised with the participation of funds managed by Blackstone and selected international partners, and will be financed with the support of BNP Paribas, acting as sole global coordinator and underwriter of the financing package.

Following the completion of the acquisition, Angelini Pharma intends to integrate Catalyst Pharmaceuticals' portfolio and strong commercial infrastructure with its expertise and products in Brain Health to develop a next-generation therapeutic platform in rare diseases. This transaction reinforces the commitment initiated by Angelini Pharma in recent years through products such as Ontozry® and high-profile scientific collaborations. Catalyst's portfolio will significantly reinforce the company's strategic objectives by consolidating its presence in the United States within a balanced growth plan, which aims to develop the North American market without renouncing the strengthening of its core business in Europe. The industrial presence in Italia will remain a strategic asset for Angelini Pharma, a valuable productive and scientific reference within the framework of its global operations.

Rich Daly, President and CEO of Catalyst Pharmaceuticals, adds that "this is a pivotal and transformational moment for Catalyst, for our team, and for the patients we serve. By combining our unique expertise in rare diseases with Angelini Pharma's proven global presence, we will create a more robust, scalable and structured rare disease platform to expand access to life-changing therapies for patients around the world. For shareholders, this transaction generates immediate and certain cash value through a significant premium. We are proud of the extraordinary foundation our team has built and are confident that, together with Angelini Pharma, we can improve patient support, accelerate innovation, and continue to generate sustainable long-term value for all stakeholders."