Angelini Pharma to acquire Catalyst Pharmaceuticals in $4.1bn rare disease expansion deal

Angelini Pharma has agreed to acquire Catalyst Pharmaceuticals for $31.50 per share in cash, representing a total equity value of approximately $4.1 billion, a 21% premium to the unaffected share price. The deal adds rare neuromuscular drugs FIRDAPSE, AGAMREE, and FYCOMPA to Angelini’s brain health portfolio.

Angelini Pharma has entered into a definitive agreement to acquire all outstanding shares of Catalyst Pharmaceuticals (Nasdaq: CPRX) for $31.50 per share in cash, valuing the transaction at approximately $4.1 billion (€3.5 billion), according to official disclosures. The offer represents a 21% premium to Catalyst’s unaffected closing price on April 22, 2026, and a 28% premium to the 30-day volume-weighted average price to that date.

The transaction, unanimously approved by both boards, is expected to close in Q3 2026, with financing from BNP Paribas as Sole Global Coordinator and underwriting partner, and participation from Blackstone funds and select international partners.

This development matters because Catalyst brings a portfolio of rare neuromuscular and neurological disease products: FIRDAPSE for Lambert-Eaton myasthenic syndrome (LEMS), AGAMREE for Duchenne Muscular Dystrophy (approved by the FDA in 2023), and FYCOMPA for epilepsy (U.S. rights acquired from Eisai in 2023). Angelini plans to integrate these with its own brain health products, including Ontozry, to build a next-generation rare disease platform.

The acquisition significantly expands Angelini’s U.S. commercial presence while maintaining its European core and Italian industrial base. Industries impacted include rare disease pharmaceuticals, neuroscience, and neuromuscular therapeutics.

Stakeholders include LEMS and DMD patient communities, U.S. neurologists, and commercial payers.

For investors, the deal reflects continued consolidation in rare disease space, with larger European players acquiring U.S.-listed specialty pharma companies to access commercial infrastructure and FDA-approved orphan drugs. The 21% premium suggests disciplined valuation relative to recent biotech M&A benchmarks.

Angelini Pharma is an international pharmaceutical company headquartered in Rome, part of the Angelini Industries Group.

Catalyst Pharmaceuticals is a commercial-stage biopharmaceutical company based in Coral Gables, Florida, focused on rare neuromuscular and neurological diseases.