Angelini Pharma to acquire Catalyst Pharmaceuticals in US$4.1B U.S. rare disease expansion

ITALY—Angelini Pharma has agreed to acquire Catalyst Pharmaceuticals for US$4.1 billion, marking a major expansion into the U.S. rare disease market.

Rome-based Angelini, a family-owned company founded in 1919, will pay US$31.50 per share in cash for the Florida-based biotech.

The offer represents a 3% premium over Catalyst’s closing price and a 21% premium compared with levels recorded on April 22, before speculation intensified.

Following Bloomberg’s April 27 report on a potential transaction, Catalyst shares rose as investor expectations of a deal strengthened.

The companies expect to complete the transaction in the third quarter, subject to regulatory approvals.

Catalyst’s growth and product portfolio

Catalyst Pharmaceuticals, listed on Nasdaq in 2006, has evolved into a focused rare disease company with strong commercial momentum.

The company began generating significant revenue in 2019 and reported $589 million in sales in 2025, reflecting 20% year-on-year growth.

It has projected 2026 revenue of US$615 million to US$645 million, supported by steady demand across its portfolio.

Its flagship therapy, Firdapse, approved in 2018 for Lambert-Eaton myasthenic syndrome, generated US$358 million in sales last year, increasing 18% year over year.

Meanwhile, Agamree, licensed through a partnership with Santhera for Duchenne muscular dystrophy, contributed $117 million in U.S. sales after its 2023 approval.

Additionally, Fycompa generated US$113 million but began facing generic competition in late 2025, adding pressure on its epilepsy franchise.

Strategic rationale and leadership commentary

Angelini CEO Sergio Marullo di Condojanni said the acquisition supports the company’s transformation strategy aimed at strengthening global competitiveness and expanding its U.S. footprint.

He noted that combining Catalyst’s rare disease portfolio with Angelini’s development capabilities will enhance access to specialty therapies across multiple markets.

Catalyst CEO Rich Daly said the transaction delivers immediate cash value to shareholders while accelerating the company’s ability to scale its rare disease platform globally.

He added that the combined organization would benefit from broader commercial reach and expanded scientific capabilities.

Financing structure and industry context

Italian public lender CDP Equity is supporting the deal through a minority investment in Angelini, reinforcing Italy’s strategy to back national champions in global healthcare expansion.

The institution manages €32 billion (US$38 billion) in equity assets and focuses on infrastructure, innovation, and corporate growth initiatives.

The transaction follows a wave of consolidation among Italian pharmaceutical firms, including Chiesi’s US$1.9 billion acquisition of U.S.-based KalVista, which added the approved hereditary angioedema therapy Ekterly to its portfolio.

Broader investment Push in Life Sciences

Moreover, Angelini Pharma and its parent, Angelini Industries, have increased investment activity across the life sciences.

The group recently partnered with the European Investment Bank to deploy €150 million (US$174.3 million) over six years into biotech, medtech, and digital health ventures across Europe.

It also committed US$120 million to collaborate with Quiver Bioscience on genetic epilepsy programs and finalized a US$550 million agreement to acquire a preclinical neuro asset from South Korea’s Sovargen.