Angelini Pharma to Buy Catalyst for $4.1 B, 21% Premium at $31.50
Angelini Pharma agreed to acquire Catalyst for $31.50 per share in cash, valuing the deal at $4.1 billion and implying a 21% premium over April 22 close and 28% over its 30-day VWAP. The deal, expected to close in Q3 2026, is financed with cash, debt and Blackstone-led funding.
1. Deal Terms and Premium
Angelini Pharma will pay $31.50 per share in cash to acquire Catalyst, valuing the transaction at about $4.1 billion. The offer represents a 21% premium to Catalyst’s closing price on April 22 and a 28% premium to its 30-day VWAP, with board approvals already secured.
2. Financing Structure
The acquisition will be funded through a combination of existing cash, new debt facilities and financing led by Blackstone funds, with BNP Paribas serving as global coordinator and underwriter. Angelini plans to leverage its balance sheet and external partners to support the transaction.
3. Pipeline and Strategic Rationale
Catalyst’s portfolio includes FIRDAPSE for Lambert-Eaton myasthenic syndrome, AGAMREE for Duchenne muscular dystrophy and FYCOMPA for epilepsy, bolstering Angelini’s entry into the U.S. rare neurology market. The deal establishes Angelini Pharma’s inaugural U.S. presence and expands its global brain health footprint.
4. Patent Litigation Resolution
Catalyst has reached a confidential settlement with Hetero USA to terminate all pending challenges to FIRDAPSE patents. The resolution clears a potential generic threat, preserving exclusivity for Catalyst’s lead product pending regulatory review of the agreement.