Angelini Pharma SpA, an international pharmaceutical company part of the Angelini Industries Group, and Catalyst Pharmaceuticals, Inc. (“Catalyst”) (Nasdaq: CPRX), a commercial-stage biopharmaceutical company focused on the in-licensing, development and commercialization of innovative medicines for patients suffering from rare and difficult-to-treat diseases, announced that they have entered into a definitive agreement.
The agreement provides that Angelini Pharma is committed to acquiring all outstanding shares of Catalyst at a price of USD 31.50 per share in cash, for a total share capital value of approximately USD 4.1 billion (equivalent to €3.5 billion), which represents a premium of 21% compared to the unadjusted closing price of Catalyst shares on April 22, 2026, the last trading day prior to the release of relevant information on the market to the transaction, as well as a 28% premium to Catalyst’s trailing 30-day volume weighted average price (VWAP) calculated to that unadjusted date.
The transaction was approved unanimously by the Boards of Directors of both companies and the closing is expected to take place during the third quarter of 2026.
What the operation means and the value of Catalyst
The operation announced today represents a turning point in the transformative path of Angelini Pharma, a group that boasts over 100 years of history, chaired by Thea Paola Angelini, fourth generation of the Angelini family, and led by Sergio Marullo di Condojanni CEO of Angelini Pharma. The operation is carried out with the participation of funds managed by Blackstone and selected international partners, and will be financed with the support of BNP Paribas, which acts as Sole Global Coordinator and Underwriter of the financing package.
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: 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. The Catalyst portfolio will significantly strengthen Angelini Pharma’s strategic objectives by consolidating its presence in ISAs within a balanced growth plan, which aims to develop the North American market without giving up strengthening the core business in Europe. The industrial presence in Italy will remain a strategic asset for Angelini Pharma, a valuable productive and scientific reference within the framework of its global operations.
Sergio Marullo di Condojanni, CEO of Angelini Pharma, said:
“Five years ago we started a profound transformation of Angelini Pharma – organizational, scientific and strategic – with the aim of building a company capable of competing on a global level. On the one hand, by continuing to invest in our traditional portfolio, on the other, focusing on the treatment of central nervous system pathologies, with the aim of responding to a need that is unfortunately growing rapidly. We have thus invested in innovation through the development of a pipeline of high-value assets, also through collaboration agreements with leading partners such as Blackstone Life Sciences in GRIN Therapeutics. Today we take a new significant step with the acquisition of Catalyst Pharmaceuticals which will make Angelini Pharma a relevant global player in Rare Neurological Diseases. Entering the US market will allow us to acquire the scale and skills necessary to continue on this path. We are proud of an operation that demonstrates, once again, the dynamism of the pharmaceutical industry Italian”.
Rich Daly, President and CEO of Catalyst Pharmaceuticals, commented:
“This is a pivotal and transformative moment for Catalyst, our team, and 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, thanks to a significant premium. We are proud of the extraordinary foundation that our team has built has built and we are confident that, together with Angelini Pharma, we will be able to improve patient support, accelerate innovation and continue to generate long-term sustainable value for all stakeholders.”
