Angelini Pharma has agreed to acquire Catalyst Pharmaceuticals Inc. (CPRX) for $31.50 per share in cash, valuing the company at approximately $4.1 billion (3.5 billion euros). The Board of Directors of both companies has unanimously approved the transaction, which is expected to close in the third quarter of 2026, subject to customary conditions.
The acquisition marks a major milestone for Angelini Pharma, representing its formal entry into the U.S. market and reinforcing its long-term strategy in brain health and rare diseases. The deal will be financed with participation from Blackstone funds and international partners, with BNP Paribas serving as Sole Global Coordinator and Underwriter.
Catalyst, founded in 2002 and listed on Nasdaq since 2006, has built a commercial portfolio focused on rare neuromuscular and neurological diseases. Its marketed products include:
- FIRDAPSE (amifampridine)- the only FDA approved treatment for Lambert-Eaton myasthenic syndrome (LEMS) in patients aged six and older.
- AGAMREE (vamorolone)- a novel corticosteroid approved by the FDA in 2023 for Duchenne Muscular Dystrophy (DMD) in patients aged 2 and older.
- FYCOMPA (perampanel), an antiepileptic therapy for partial-onset and primary generalized tonic-clonic seizures, with U.S. rights acquired from Eisai in 2023.
Angelini Pharma plans to integrate Catalyst's portfolio and U.S. commercial infrastructure with its own brain-health assets to build a next-generation rare-disease platform. The company noted that Catalyst's products will significantly strengthen its strategic objectives and support a balanced expansion across the U.S. and Europe.
Angelini Pharma CEO Sergio Marullo di Condojanni said the acquisition represents a "significant step" in the company's global transformation, highlighting its focus on central nervous system disorders and rare diseases. Catalyst CEO Rich Daly described the deal as "pivotal and transformative," emphasizing the immediate cash value for shareholders and the opportunity to expand global access to rare-disease therapies through Angelini's international reach.
Angelini Pharma's industrial presence in Italy will remain a strategic production and scientific hub within the combined company's global operations.
Alongside the acquisition, Catalyst also announced it has settled its FIRDAPSE (amifampridine) patent litigation with Hetero Labs Ltd. and related parties. Under the agreement, Hetero will not market a generic version of FIRDAPSE in the United States before a specified date in January 2035, unless limited customary circumstances occur.
The settlement resolves the ANDA litigation brought by Catalyst and its licensor SERB S.A. and will lead to the termination of all ongoing patent cases between the parties ahead of the scheduled May 18, 2026, trial date. Catalyst noted that it has previously reached similar settlements with Lupin, Teva, and Inventia, meaning all pending FIRDAPSE patent litigation is now resolved.
As required by law, the confidential settlement agreement will be submitted to the U.S. Federal Trade Commission and the Department of Justice for review.
CPRX has traded between $19.05 and $32.56 over the past year. The stock closed Wednesday's trading at $30.52, down 1.10%. During overnight trading, the stock is at $30.85, up 1.08%.
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