Wednesday, May 20, 2026

Angelini Pharma to acquire Catalyst Pharmaceuticals for $4.1bn

Angelini Pharma and Catalyst Pharmaceuticals have signed a definitive agreement under which Angelini intends to acquire all outstanding Catalyst shares. The offer values Catalyst at about $4.1 billion in equity value (around €3.5 billion) and is set at $31.50 per share in cash.

Both companies’ boards have unanimously approved the deal. Closing is expected in the third quarter of 2026, subject to Catalyst shareholder approval, required regulatory clearances and other customary conditions.

Strategic rationale: entry into the U.S. market

The transaction would bring Angelini Pharma into the U.S. market. The company frames the move as a further step in its long-term focus on brain health and in building capabilities in rare diseases. After closing, Angelini plans to combine Catalyst’s commercial infrastructure and portfolio with its own CNS expertise to support a next-generation rare disease platform.

Angelini expects to fund the acquisition through a mix of cash and debt. The companies say the deal is not subject to a financing condition.

Catalyst portfolio: neuromuscular and neurological rare diseases

Catalyst is a commercial-stage biopharmaceutical company focused on therapies for rare and difficult-to-treat diseases. Its marketed products include:

• FIRDAPSE (amifampridine), which the company describes as the only evidence-based FDA-approved treatment for Lambert-Eaton myasthenic syndrome (LEMS) for patients aged six and older
• AGAMREE (vamorolone), a novel corticosteroid approved by the FDA in 2023 for Duchenne muscular dystrophy (DMD) for patients aged two and older
• FYCOMPA (perampanel), an anti-seizure medicine for partial-onset and primary generalized tonic-clonic seizures, with U.S. rights acquired from Eisai in 2023

Pricing and premiums

The companies state that the offer represents a 21% premium to Catalyst’s unaffected closing price on April 22, 2026, and a 28% premium to the 30-day volume-weighted average price up to that date.

Partners and financing

The transaction is expected to be carried out with participation from Blackstone funds and selected international partners. BNP Paribas is acting as sole global coordinator and underwriter of the financing package.

Separate update: U.S. FIRDAPSE patent litigation settled

Separately, Catalyst said it has resolved U.S. patent litigation linked to an abbreviated new drug application seeking approval for a generic version of FIRDAPSE. Catalyst and licensor SERB S.A. entered into a settlement agreement with Hetero USA. The confidential agreement is expected to be submitted to U.S. authorities for review, and ongoing litigation in New Jersey is set to be terminated.

Advisers

Centerview Partners is lead financial adviser to Angelini Pharma, with BNP Paribas and Morgan Stanley acting as co-advisers. Legal counsel to Angelini includes Hogan Lovells and Gatti, Pavesi, Bianchi, Ludovici Studio Legale. Catalyst is advised by J.P. Morgan Securities, with Kirkland & Ellis and Akerman as legal counsel.