Angelini Pharma will acquire Catalyst Pharmaceuticals in a $4.1 billion deal that hands the Italian drugmaker a portfolio of approved medicines for rare disorders of the central nervous system.
According to the deal announced Thursday, Angelini will pay $31.50 per outstanding share of Catalyst, a 21% premium to the latter’s closing price the day prior.
Catalyst, which was established in 2002, has three marketed medicines. Firdapse, approved in 2018, is a pill for patients with Lambert-Eaton myasthenic syndrome, an uncommon condition where the immune system attacks the connection between nerves and muscles and causes weakness. In 2023, Catalyst acquired from Eisai the rights to sell Fycompa, a treatment for partial seizures and tonic-clonic seizures, in the U.S. The biotech holds similar rights to Agamree, a steroid medicine for Duchenne muscular dystrophy.
Catalyst brought in $589 million in revenue last year from those drugs, a 20% increase from the year prior. The company’s financial guidance for 2026 included total revenue between $615 and $645 million, “reflecting confidence in strength and durability” of its Firdapse and Agamree franchises.
As part of the deal, Angelini plans to “integrate Catalyst’s portfolio and exceptional commercial infrastructure with its own expertise and products in brain health to develop a next-generation therapeutic platform in rare diseases.” Angelini is currently studying a potential epilepsy medicine in three clinical trials.
In recent years, the Italian pharmaceutical firm has brokered a couple deals to amass a pipeline of experimental seizure medicines. Angelini’s deal for Catalyst also gives it an entry point to the U.S. pharmaceutical sector.
“Entering the U.S. market will allow us to acquire the scale and capabilities needed to continue this journey,” Sergio Marullo di Condojanni, Angelini’s CEO, said in a statement.
Angelini’s acquisition is one of the larger M&A deals so far in 2026. It’s also part of an upswing of pharma interest in neuroscience. This year alone, UCB, Otsuka and Eli Lilly have shelled out billions to acquire CNS drugmakers.
Catalyst will become a wholly owned subsidiary of Angelini as part of the deal. The transaction is expected to close in the third quarter of 2026.
