Italian drugmaker Angelini Pharma has agreed to acquire U.S.-based rare disease specialist Catalyst Pharmaceuticals in a cash transaction valued at approximately $4.1 billion, marking one of the company’s most significant international expansion moves to date.
Under the definitive agreement announced by the two companies, Angelini Pharma will purchase all outstanding shares of Catalyst for $31.50 per share in cash. The offer represents a 21% premium over Catalyst’s unaffected closing stock price on April 22, 2026, and a 28% premium over its 30-day volume-weighted average share price before reports of the deal emerged publicly.
The transaction has received unanimous approval from the boards of both companies and is expected to close during the third quarter of 2026, subject to customary regulatory approvals and shareholder consent.
The acquisition is expected to strengthen Angelini Pharma’s position in neurological and rare diseases while significantly expanding its footprint in the United States pharmaceutical market. The deal will be financed with the support of BNP Paribas, which is serving as sole global coordinator and underwriter, alongside participation from Blackstone funds and other international partners.
Founded in 2002 and listed on Nasdaq since 2006, Catalyst Pharmaceuticals has developed a strong portfolio of therapies targeting rare neuromuscular and neurological disorders. Its key products include FIRDAPSE® for Lambert-Eaton myasthenic syndrome (LEMS), AGAMREE® for Duchenne muscular dystrophy, and FYCOMPA®, an epilepsy treatment whose U.S. rights were acquired from Eisai in 2023.
Angelini Pharma said the acquisition aligns with its long-term strategy to build a global brain health and rare disease platform. The company plans to combine Catalyst’s commercial operations and rare disease expertise with its own neuroscience portfolio, which includes products such as Ontozry®.
Chief Executive Officer Sergio Marullo di Condojanni described the transaction as a “significant step” in the company’s transformation strategy. He said Angelini Pharma has spent the last several years investing heavily in innovation, neuroscience research, and international growth, with a focus on addressing unmet needs in central nervous system disorders.
He added that entering the U.S. market at scale would provide the company with greater commercial and scientific capabilities to expand globally while continuing to invest in Europe and maintain its industrial presence in Italy.
Catalyst President and CEO Rich Daly said the combination would create a stronger and more scalable rare disease platform capable of expanding patient access to therapies worldwide. He also noted that the agreement provides shareholders with immediate cash value at a substantial premium while positioning the combined business for future growth and innovation.
The acquisition reflects increasing consolidation activity in the rare disease and neuroscience sectors, where pharmaceutical companies are seeking specialized therapies and established commercial infrastructure to support long-term growth.