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Italy’s Angelini Pharma agreed on May 7 to acquire U.S. rare‑disease drugmaker Catalyst Pharmaceuticals for $4.1 billion, offering $31.50 in cash per share.
The deal, expected to close in the third quarter of 2026, gives Angelini a U.S. commercial footprint and a trio of marketed neuromuscular and neurological therapies — including Firdapse (for Lambert‑Eaton myasthenic syndrome), U.S. rights to Fycompa, and Agamree for Duchenne muscular dystrophy.
Catalyst reported roughly $589 million of revenue last year and had 2026 guidance of $615–645 million.
Angelini will be supported by Blackstone funds and other partners, with BNP Paribas as global coordinator and underwriter; Italian state lender Cassa Depositi e Prestiti (CDP), via CDP Equity, is expected to take a minority stake in Angelini through a capital increase to help finance the transaction.
The acquisition follows Chiesi’s recent $1.9 billion U.S. purchase of KalVista, underscoring rising Italian outbound pharma M&A. Catalyst shares rose modestly in pre‑market trade on the announcement.


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