Angelini Pharma S.p.A. has completed its acquisition of Florida-based Catalyst Pharmaceuticals, Inc. (Nasdaq: CPRX) in a transaction valued at approximately USD 4.1 billion (EUR 3.5 billion). The deal gives the Italy-based company a commercial foothold in the US market and consolidates its rare-disease and brain-health portfolio around three FDA-approved neuromuscular and neurological therapies.
Under the terms finalized at closing, Catalyst shareholders received USD 31.50 per share in cash, with Catalyst now operating as a wholly owned subsidiary and its stock delisted from Nasdaq. The transaction was financed through a pool of 14 Italian and international banks led by BNP Paribas as sole global coordinator and underwriter, including a bridge-to-equity structure. Alongside the acquisition, funds managed by Blackstone are investing EUR 1 billion in preferred equity in Angelini Pharma, subject to regulatory clearance, while Italy's CDP Equity has approved a roughly EUR 1 billion capital increase for a 23.5% common equity stake in the company. No milestone payments or royalty terms apply, as the transaction is a full buyout rather than a licensing arrangement.
The commercial anchor of the deal is FIRDAPSE (amifampridine), a voltage-gated potassium channel blocker and the only FDA-approved treatment for Lambert-Eaton myasthenic syndrome in patients aged six and older. Catalyst separately resolved the last pending US patent litigation over FIRDAPSE, securing market exclusivity through January 2035 and removing a key overhang on the asset's long-term value. The portfolio also includes AGAMREE (vamorolone), an FDA-approved corticosteroid for Duchenne muscular dystrophy still in its commercial ramp, and FYCOMPA (perampanel), an antiepileptic drug now facing generic erosion following loss of exclusivity.