Angelini Pharma has announced its acquisition of Catalyst Pharmaceuticals in a significant deal valued at $4.1 billion, marking the Italian pharmaceutical company’s entry into the U.S. market and enhancing its portfolio in brain health and rare diseases.
Under the financial terms revealed on Thursday, Angelini will pay $31.50 in cash for each share of Catalyst, reflecting a premium of 21% over Catalyst’s closing stock price on April 22, the last trading day before speculation of a potential acquisition emerged. The purchase price also represents a 28% premium compared to Catalyst’s average stock price over the 30 days leading up to April 22.
Angelini Pharma’s existing portfolio features established medications such as the antidepressant trazodone, marketed as Trittico, and the antipsychotic lurasidone hydrochloride, known as Latuda. For 2024, the company projected revenues of €1.2 billion (approximately $1.4 billion), indicating a 3.6% increase from the previous year. Angelini Pharma is part of the privately-owned Angelini Industries, founded in 1919 by pharmacist Francesco Angelini. The health sector is the company’s largest segment, which also includes consumer goods and industrial technologies. Currently, 37% of Angelini Industries’ revenue originates from Italy, with 49% from Europe, and just 14% from other regions.
Founded in 2002 and going public four years later, Catalyst Pharmaceuticals is viewed by Angelini Pharma as a crucial element of its multi-year transformation strategy, which includes investments in medications targeting central nervous system disorders. Last year, Angelini participated in a series D funding round for GRIN Therapeutics, a startup focused on developing medications for neurodevelopmental disorders and epilepsy. The Italian firm also secured rights outside North America for GRIN’s advanced clinical candidate, radiprodil.
The acquisition of Catalyst will provide Angelini Pharma with an immediate commercial presence in the U.S. pharmaceutical market. For the fiscal year 2025, Catalyst, based in Coral Gables, Florida, reported product revenue of $588.8 million, a 20.3% increase year-over-year. The majority of this revenue was generated in the United States. Catalyst’s flagship product, Firdapse, became the first FDA-approved treatment for Lambert-Eaton Myasthenic Syndrome (LEMS) in 2018, generating $358.4 million in sales for fiscal year 2025, reflecting a 17.1% increase compared to the prior year.
Catalyst also markets Agamree, a corticosteroid approved for the treatment of Duchenne muscular dystrophy, having acquired North American rights from Santhera Pharmaceuticals. Its third product, Fycompa, is an epilepsy treatment for which Catalyst acquired U.S. rights from Eisai.
“Today, we are taking an important step forward with the acquisition of Catalyst Pharmaceuticals, which we believe will position Angelini Pharma as a significant global player in the realm of rare neurological diseases,” stated Sergio Marullo di Condojanni, CEO of Angelini Pharma, in a prepared statement. “Entering the U.S. market will provide us with the scale and capabilities necessary to continue this journey.”
Both companies anticipate finalizing the transaction in the third quarter of this year. Upon completion, Catalyst will operate as a subsidiary of Angelini Pharma.
In an unrelated development, Catalyst announced the resolution of patent litigation concerning Firdapse with Hetero Labs. Catalyst had previously filed a lawsuit in response to Hetero’s request to obtain FDA approval for a generic version of the LEMS medication. As part of the settlement, Hetero will not market a generic version of Firdapse before January 2035, pending FDA approval. Catalyst had also settled similar patent disputes with generic drug manufacturers including Lupin Pharmaceuticals, Teva Pharmaceuticals, and Inventia Healthcare Limited. With the resolution of the Hetero case, Catalyst reports no ongoing litigation regarding Firdapse.
