By Giuseppe Fonte, Elvira Pollina and Ananya Palyekar
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.
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.
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.
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.
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.
Florida-based Catalyst Pharmaceuticals, which was founded in 2002 and listed on Nasdaq in 2006, specializes in treatments for rare neuromuscular and neurological diseases.
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.
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.
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 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.
($1 = 0.8513 euros)
(Editing by Sumana Nandy, Sherry Jacob-Phillips and Susan Fenton)
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