Angelini Pharma to buy Catalyst Pharmaceuticals in $4.1B all‑cash deal

Angelini Pharma has signed a definitive agreement to acquire Catalyst Pharmaceuticals in an all-cash transaction valuing the U.S.-listed rare disease drugmaker at approximately 4.1 billion dollars. Under the terms, Angelini will purchase all outstanding shares of Catalyst for 31.50 dollars per share, representing 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 as of that date. The deal, announced on May 7, 2026, has been unanimously approved by the boards of directors of both companies and is expected to close in the third quarter of 2026, subject to approval by Catalyst shareholders, regulatory clearances, and other customary closing conditions.

The acquisition will be executed via a merger in which a subsidiary of Angelini Pharma will merge with and into Catalyst, after which Catalyst will continue as a wholly owned subsidiary of Angelini Pharma. Angelini plans to finance the transaction with a combination of cash and debt, supported by BNP Paribas as sole global coordinator and underwriter, and with participation from Blackstone funds and other international partners; the deal is not subject to a financing condition. For Angelini, the deal marks its formal entry into the U.S. market and significantly expands its portfolio and commercial infrastructure in brain health and rare diseases, adding Catalyst’s approved treatments for rare neuromuscular and neurological conditions. For Catalyst, the agreement provides shareholders with an immediate cash premium while positioning the company’s assets and pipeline within a larger global rare disease platform once the transaction closes.