Italian pharmaceutical group Angelini Pharma has agreed to acquire US-based Catalyst Pharmaceuticals in a cash deal worth about $4.1bn.
The company said the transaction marks its entry into the US market and expands its presence in Brain Health and Rare Diseases.
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Under the definitive agreement, Angelini Pharma will buy all outstanding shares of Catalyst Pharmaceuticals for $31.50 per share in cash.
The company said this represents a 21% premium to Catalyst’s unaffected closing share price on 22 April 2026 and a 28% premium to the company’s 30-day volume-weighted average trading price to that date.
According to the press statement, the boards of directors of both companies have unanimously approved the transaction, which is expected to complete in the third quarter of 2026.
Catalyst president and CEO Rich Daly said: “By combining our unique capabilities in rare diseases with Angelini’s proven global reach, we will create a stronger, scalable, and robust rare disease platform to expand access to life-changing therapies worldwide. For shareholders, this transaction delivers immediate and certain cash value through a compelling premium.”
The deal remains subject to Catalyst shareholder approval, regulatory clearances and other customary closing conditions.
The acquisition will be undertaken with the participation of Blackstone funds and select international partners.
As part of the agreement, a subsidiary of Angelini Pharma will merge with and into Catalyst, which will remain a wholly owned subsidiary of Angelini Pharma once the transaction is completed.
Angelini Pharma said the acquisition will be financed through a combination of cash and debt and is not subject to any financing condition.
Catalyst Pharmaceuticals, which has been listed on Nasdaq since 2006, focuses on developing and commercialising treatments for rare neuromuscular and neurological diseases.
Its portfolio includes FIRDAPSE, approved by the US Food and Drug Administration (FDA) for Lambert-Eaton myasthenic syndrome, and AGAMREE, approved in 2023 for Duchenne muscular dystrophy.
The portfolio also includes FYCOMPA, an antiepileptic treatment for partial-onset seizures and primary generalised tonic-clonic seizures.
Angelini Pharma said it intends to combine Catalyst’s portfolio and commercial infrastructure with its Brain Health business and Rare Disease activities, including products such as Ontozry.
Angelini Pharma CEO Sergio Marullo di Condojanni said: “Entering the US market will allow us to acquire the scale and capabilities needed to continue this journey. Patient care remains at the heart of our vision.
“We continue to look ahead with determination, backed by a clear strategy and the drive to keep growing on a global scale. We are proud of a transaction that demonstrates, once again, the dynamism of the Italian pharmaceutical industry,” he added.
