Italy’s Angelini Pharma Acquires Catalyst Pharmaceuticals for $4.1 Billion

Italy’s Angelini Pharma S.p.A. entered a merger agreement on May 7, 2026, to acquire Catalyst Pharmaceuticals, Inc. (CPRX) in an all-cash deal valued at $4.1 billion.

Deal Structure:

Angelini Pharma has agreed to acquire all outstanding shares of Catalyst for $31.5 per share in cash, representing a premium of 3.21% from the stock’s last close.

Company Profile:

Catalyst Pharmaceuticals is a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for rare neuromuscular and neurological diseases in the United States. The company markets therapies for conditions such as Lambert-Eaton myasthenic syndrome (LEMS), which affects communication between nerves and muscles and causes muscle weakness, and maintains a pipeline of additional rare disease treatments.

Angelini Pharma is a pharmaceutical company focused on developing and commercializing treatments for brain health conditions, including mental health disorders and epilepsy, as well as consumer healthcare products. The company operates across Europe and other international markets through direct operations and strategic partnerships.

Deal Details and Timeline:

Last week, Bloomberg reported that Italian drugmaker Angelini Pharma was exploring a potential acquisition of Catalyst Pharmaceuticals. The stock was trading at $27.37 when Angelini started working with advisers to study a possible purchase of US-listed Catalyst.

The deal is expected to close in the third quarter of 2026.

The deal will be completed with participation from Blackstone funds and select international partners, with financing provided by BNP Paribas as the sole global coordinator and underwriter of the financing package.

Angelini Pharma plans to fund the acquisition using a mix of cash and debt.

J.P. Morgan Securities is serving as financial advisor to Catalyst, while Kirkland & Ellis and Akerman are acting as legal advisors. Angelini is being advised financially by Centerview Partners, BNP Paribas, and Morgan Stanley, with Hogan Lovells and Gatti, Pavesi, Bianchi, and Ludovici Studio Legale serving as legal counsel.

Angelini is paying 10.48 times EBITDA for Catalyst.

Deal Metrics:

For a comprehensive understanding of this M&A transaction, you may visit the Deal Metrics page linked below:

Detailed Metrics of the Catalyst Pharmaceuticals, Inc. (CPRX) acquisition by Angelini Pharma S.p.A.

The Deal Metrics page provides extensive insights on each merger or acquisition, such as:

• The merger’s spread history chart from announcement to completion or failure.
• All events as the merger progresses including expiration of the HSR period, regulatory approvals, shareholder votes, etc.
• News and SEC filings associated with the merger.
• A chronological record of all deal updates.
• And a lot more comprehensive data.

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Editor’s Note: Baranjot Kaur contributed to this article