Pharma BD Deal Intelligence
Angelini Pharma agreed to acquire all outstanding shares of Catalyst Pharmaceuticals for $31.50 per share in cash, a total equity value of approximately $4.1 billion (€3.5 billion). The price is a 21% premium to Catalyst's unaffected April 22, 2026 closing price (28% vs. its 30-day VWAP). The all-cash deal is structured as a one-step merger (via Angelini Cielo Inc.) subject to a Catalyst stockholder vote and HSR antitrust clearance, with an expected close in Q3 2026; there is no financing condition. The acquisition marks Angelini's entry into the U.S. market and adds Catalyst's commercial rare-neurological franchise (FIRDAPSE, AGAMREE, FYCOMPA) to Angelini's brain-health platform. Financing is via cash and debt, with BNP Paribas as sole global coordinator/underwriter and Blackstone funds participating as co-investors. A Catalyst termination fee of approximately $155.5 million applies in specified circumstances. Concurrent with the deal, Catalyst settled its last FIRDAPSE generic patent litigation (with Hetero), pushing generic amifampridine entry no earlier than January 2035 and reinforcing the durability of its lead franchise.