Angelini Pharma buys Catalyst for $4.1B in rare disease push

Angelini Pharma completed its $4.1 billion acquisition of Catalyst Pharmaceuticals on Thursday, securing a U.S. foothold in rare neurological diseases with €2 billion in backing from Blackstone and Italy's CDP Equity.

"With the completion of this transaction, Angelini Pharma takes a decisive step to become a global player, increasingly driven by science and guided by a patient-centric vision," said Sergio Marullo di Condojanni, chief executive officer of Angelini Pharma.

Catalyst shareholders received $31.50 per share in cash, representing a total equity value of approximately $4.1 billion. The deal was financed by a pool of 14 banks led by BNP Paribas, with Blackstone investing €1 billion in preferred equity and CDP Equity acquiring a 23.5% stake in Angelini Pharma's common equity for about €1 billion.

The transaction transforms Angelini Pharma from a European-focused operator into a global competitor in brain health and rare diseases, adding Catalyst's U.S. commercial infrastructure and portfolio. Italy remains the group's strategic hub for production and research, with the company employing more than 3,000 people across 20 countries.

Deal Structure and Financing

The acquisition was financed through a bridge-to-equity package coordinated by BNP Paribas as sole global coordinator and underwriter. Morgan Stanley served as sole financial advisor to Angelini Pharma for the Blackstone and CDP Equity participation, while Centerview Partners acted as lead financial advisor on the acquisition. J.P. Morgan Securities advised Catalyst.

The banking syndicate included BNP Paribas, Credit Agricole CIB, Intesa Sanpaolo and Mediobanca as bookrunners, with Banco BPM, Bank of America, Cassa Depositi e Prestiti, ING Bank, Natixis and UniCredit as mandated lead arrangers. BBVA, Barclays and Commerzbank joined as lead arrangers.

"This investment is a concrete example of the role that CDP Equity intends to play in supporting the country's economic ecosystem," said Fabio Barchiesi, chief executive officer of CDP Equity. "Our investment targets a sector that embodies Italian excellence with high growth potential."

Strategic Rationale and Market Position

Angelini Pharma, a unit of the 107-year-old Angelini Industries, generates more than €2 billion in revenue across healthcare, industrial technology and consumer goods. The acquisition gives it ownership of Catalyst's rare-disease portfolio, including treatments for Lambert-Eaton myasthenic syndrome and spinal muscular atrophy, and establishes a U.S. commercial presence that the company had lacked.

Catalyst, headquartered in Coral Gables, Florida, was recognized by Forbes as one of America's Most Successful Companies in 2023, 2024 and 2025, and ranked by Time as one of America's Growth Leaders of 2026. Its common stock ceased trading on the Nasdaq Global Market following the deal's close.

Rich Daly, who will lead the newly formed Global Rare Disease Business Unit at Angelini Pharma, said the combined entity aims to continue bringing new treatments to patients globally. Blackstone Life Sciences Senior Managing Director Craig Shepherd said the firm sees "compelling opportunities to provide capital solutions at scale to biopharmaceutical companies."

The deal required customary regulatory clearances for Blackstone's preferred equity investment. Angelini Pharma said it expects the transaction to accelerate its research and development spending and support high-quality employment growth in Italy.

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