Angelini Pharma completes the acquisition of Catalyst
The transaction is being carried out with the participation of funds managed by Blackstone, which will invest one billion, as will CDP Equity. Marullo of Condojanni described it as “a decisive step towards becoming a global player”.
Following the announcement of the deal whereby Angelini Pharma acquired Catalyst Pharmaceuticals for 4.1 billion dollars (the equivalent of 3.5 billion euros), the transaction has now been finalised, marking Catalyst Pharmaceuticals’ integration into Angelini Pharma, thereby integrating its portfolio and commercial infrastructure with Angelini Pharma’s expertise and products in brain health. Upon completion of the transaction, each outstanding ordinary share of Catalyst was cancelled and converted into the right to receive $31.50 per share in cash, without interest, for a total equity value of approximately $4.1 billion (approximately €3.5 billion). Following the completion of the transaction, Catalyst’s ordinary shares ceased trading on the Nasdaq Global Market.
Looking at the financial details of the transaction, funds managed by Blackstone are set to participate, with Blackstone investing 1 billion euros in preference shares, subject to regulatory approval. CDP Equity has resolved to invest €1 billion through a capital increase to acquire a 23.5 per cent stake in Angelini Pharma’s ordinary share capital. The investment, strongly supported by CDP Equity, underpins Angelini Pharma’s transformation into a global player in brain health and rare diseases, accelerates its expansion into the US market through the acquisition of Catalyst, and promotes a significant increase in investment in research and development, thereby strengthening the entire national pharmaceutical sector and fostering high-quality employment growth in Italia as well. The transaction was financed by a syndicate of 14 Italian and international financial institutions, led by BNP Paribas, acting as Sole Global Coordinator and Underwriter of the overall financing package, including bridge-to-equity facilities, for Angelini Pharma. Morgan Stanley & Co. International plc acted as the sole financial adviser to Angelini Pharma in relation to the investment by Blackstone and CDP Equity.
For Angelini Industries, the acquisition marks a crucial milestone in the transformation process of the last four years, driven by a clear strategic vision, which includes the consolidation of Angelini Pharma’s presence in the United States. However, as the group grows, Italia will remain the strategic hub for production and scientific research within the group’s global operations. Sergio Marullo di Condojanni, CEO of Angelini Pharma, explains that “the completion of this transaction is a decisive step towards becoming a global player, increasingly driven by science and guided by a patient-centred vision, with a growing focus on brain health and rare diseases”. Furthermore, Marullo di Condojanni adds, the expansion into the US market, together with Catalyst’s portfolio and expertise in this field, “enables us to achieve the scale necessary to build a next-generation therapeutic platform, whilst continuing to strengthen our core business in Europe, where our industrial presence in Italia remains a strategic asset’. Rich Daly, who will be President of Angelini Pharma’s Global Rare Disease Business Unit, describes this as a significant day for all our key stakeholders, “particularly for people with rare diseases, their carers and our employees, as we embark on a new and significant global chapter with the aim of continuing to bring new treatments to people around the world.”
Fabio Barchiesi, chief executive of CDP Equity, states that ‘the transaction is consistent with our commitment to supporting the drive for innovation and the international growth of Italy’s industrial leaders’, whilst Andrea Valeri, Chairman of Blackstone Italy, explains that the transaction leverages ‘Blackstone’s global platform and deep expertise in the life sciences sector’, so much so that Craig Shepherd, Senior Managing Director of Blackstone Life Sciences, emphasises that “Blackstone sees significant opportunities in providing large-scale capital solutions to biopharmaceutical companies, and we are delighted to support Angelini Pharma’s continued growth and strategic objectives”.
