Italy's Angelini to buy US Catalyst Pharma in $4.1 billion state-backed deal
Angelini Pharma's Strategic Acquisition of Catalyst Pharmaceuticals
By Giuseppe Fonte, Elvira Pollina and Ananya Palyekar
Deal Overview and Market Entry
ROME/MILAN, May 7 (Reuters) - Angelini Pharma said on Thursday that it would acquire U.S. rare-disease drug maker Catalyst Pharmaceuticals in a $4.1 billion deal, marking the Italian drugmaker's entry into the U.S. pharmaceutical market.
Angelini's Expansion in Neurological Rare Diseases
The Italian group specialises in drugs treating brain diseases and its CEO Sergio Marullo di Condojanni said the deal would establish it as a "relevant global player in neurological rare diseases," expanding Angelini's scale and capabilities.
Recent Italian Acquisitions in the U.S.
It is the second major U.S. acquisition announced by an Italian pharmaceutical company in two weeks, following Chiesi’s $1.9 billion buyout of KalVista Pharmaceuticals, as Italian drugmakers seek to become international players in their field.
Financial Backing and Deal Structure
Role of Italian State Lender and Partners
Italian state lender Cassa Depositi e Prestiti, through its unit CDP Equity, is set to take a stake in Angelini Pharma to help the group fund the acquisition, two sources familiar with the matter told Reuters.
Acquisition Terms and Shareholder Premiums
Angelini Pharma, part of the eponymous family‑owned group founded in 1919, will pay $31.50 in cash for each Catalyst share, representing a 3% premium to the company’s last closing price, according to LSEG‑compiled data, and a 21% premium to its April 22 close, before a first report over the deal.
About Catalyst Pharmaceuticals
Florida-based Catalyst Pharmaceuticals, which was founded in 2002 and listed on Nasdaq in 2006, specializes in treatments for rare neuromuscular and neurological diseases.
Support and Coordination for the Transaction
Angelini Pharma said in a statement that Blackstone funds and other international partners would support its takeover plan, while BNP Paribas would serve as global coordinator and underwriter for the transaction.
Equity Stake and Strategic Asset Protection
Although the parties are still negotiating the terms of the transaction, CDP Equity is likely to buy a minority stake through a capital increase at Angelini Pharma, the two sources said.
CDP plays a role in keeping Italian strategic assets in national hands and in helping high-potential businesses to expand their activities within and outside the country.
Market Impact and Company Background
Share Performance and Transaction Timeline
Catalyst's U.S.-listed shares, which have climbed more than 30% so far this year, rose 1.3% to $31 in pre-market trades following the deal announcement. Completion of the transaction is expected in the third quarter.
Angelini Industries Overview
Angelini Pharma is the pharmaceutical division of Italy's privately owned Angelini Industries, whose businesses span healthcare, consumer products, and industrial technology.
The whole group operates across 21 countries and reported annual turnover of 1.6 billion euros in 2024, underpinned primarily by its healthcare division.
Additional Information
($1 = 0.8513 euros)
(Editing by Sumana Nandy, Sherry Jacob-Phillips and Susan Fenton)
