Angelini to Expand into US Rare Disease Market with Catalyst Acquisition

Angelini Pharma has entered into an agreement to acquire Catalyst Pharmaceuticals in an all-cash deal valued at more than $4.1 billion.

The transaction gives the Italian company a commercial presence in the U.S. rare disease market, along with a portfolio of approved therapies in neurology and neuromuscular conditions.

What Are the Details of the Deal?

Angelini Pharma is set to pay $31.50 per share in cash, a 21% premium to Catalyst's unaffected closing share price on April 22, 2026, and a 28% premium to its 30-day volume-weighted average price.¹ The transaction has been unanimously approved by both boards and is expected to close in the third quarter of 2026, subject to Catalyst stockholder approval and customary regulatory clearances.

The deal will be financed with a combination of cash and debt, with BNP Paribas acting as sole global coordinator and underwriter of the financing package, and will include participation from Blackstone funds and select international partners.¹ Hogan Lovells Served as an advisor for Angelini Pharma in the acquisition.

What Is Catalyst Bringing to the Combination?

Since being founded in 2002, Catalyst has built a portfolio consisting of three approved products targeting rare neuromuscular and neurological conditions. Firdapse (amifampridine) is the only FDA-approved evidence-based treatment for Lambert-Eaton myasthenic syndrome in patients aged six and older.² Agamree (vamorolone), a novel corticosteroid approved in 2023, is indicated for Duchenne Muscular Dystrophy in patients aged two and older.³ Fycompa (perampanel) is an antiepileptic drug approved for partial-onset seizures and primary generalised tonic-clonic seizures, with U.S. rights acquired from Eisai in 2023.

Rich Daly, president and CEO of Catalyst, said: "This is a pivotal and transformative moment for Catalyst, our team, and the patients we serve. 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."

Why Is this Deal Strategically Significant for Angelini?

The acquisition marks a major step in Angelini Pharma's transformation from a European-focused company into a global player in neurological rare diseases. The company, which has over 100 years of history and is chaired by Thea Paola Angelini, a fourth-generation family member, has spent the past five years repositioning around central nervous system disorders through pipeline development and high-profile partnerships including a collaboration with Blackstone Life Sciences in GRIN Therapeutics.¹

Integrating Catalyst's portfolio and U.S. commercial infrastructure is expected to give Angelini its first meaningful presence in the North American market, while also complementing its existing European rare disease business including Ontozry.

"Five years ago, we embarked on a profound transformation of Angelini Pharma, organizational, scientific and strategic, with the ambition to build a company capable of competing at the highest global level," said Sergio Marullo di Condojanni, CEO of Angelini Pharma. "Today, we take another significant step with the acquisition of Catalyst Pharmaceuticals, which we believe will establish Angelini Pharma as a relevant global player in neurological Rare Diseases. Entering the U.S. market will allow us to acquire the scale and capabilities needed to continue this journey."

References

1. Angelini Pharma to Acquire Catalyst Pharmaceuticals for 4.1 Billion USD (3.5 Billion Euros), Entering the U.S. Market and Consolidating its Leadership in Brain Health and Rare Disease Angelini Pharma Catalyst Pharmaceuticals May 7, 2026 https://www.globenewswire.com/news-release/2026/05/07/3289628/0/en/angelini-pharma-to-acquire-catalyst-pharmaceuticals-for-4-1-billion-usd-3-5-billion-euros-entering-the-u-s-market-and-consolidating-its-leadership-in-brain-health-and-rare-disease.html
2. FDA Approves Firdapse (amifampridine) for the Treatment of Lambert-Eaton Myasthenic Syndrome (LEMS) Catalyst Pharmaceuticals November 29, 2018 https://ir.catalystpharma.com/news/news-details/2018/FDA-Approves-Firdapse-amifampridine-for-the-Treatment-of-Lambert-Eaton-Myasthenic-Syndrome-LEMS-11-29-2018/default.aspx
3. Catalyst Pharmaceuticals Reports FDA Approval of Agamree (vamorolone) for Duchenne Muscular Dystrophy Granted to Santhera Pharmaceuticals Catalyst Pharmaceuticals October 26, 2023 https://ir.catalystpharma.com/news/news-details/2023/Catalyst-Pharmaceuticals-Reports-FDA-Approval-of-AGAMREE-vamorolone-for-Duchenne-Muscular-Dystrophy-Granted-to-Santhera-Pharmaceuticals-10-26-2023/default.aspx