Overview
- Angelini Pharma and Catalyst announced a definitive deal Thursday that both boards approved to take Catalyst private at an equity value of about $4.1 billion.
- Angelini will pay $31.50 per share in cash, a 21% premium to Catalyst’s April 22 unaffected close and 28% above the 30-day average price.
- Blackstone funds will participate in the financing, with BNP Paribas serving as sole global coordinator and underwriter.
- Angelini says it plans to fold Catalyst’s approved drugs—Firdapse for Lambert–Eaton myasthenic syndrome, Agamree for Duchenne muscular dystrophy, and U.S. rights to the epilepsy drug Fycompa—into a broader Brain Health portfolio.
- The companies expect to close in the third quarter of 2026 pending Catalyst stockholder and regulatory approvals, with reports noting a recent Firdapse patent dispute resolution and an earnings report due May 11.