Angelini Pharma completes $4.1bn buyout of U.S. rare‑disease firm Catalyst

Italian drug group Angelini Pharma announced the completion of its $4.1 billion acquisition of U.S. rare‑disease biotech Catalyst Pharmaceuticals. The purchase gives Angeline full ownership of Catalyst’s portfolio of treatments for rare neurological disorders and its commercial operations in the United States, and led to Catalyst’s delisting from the Nasdaq market.

The deal was financed with a €1 billion capital increase by CDP Equity, the investment arm of Italy’s state lender CDP, which bought a 23.5% stake in Angelini Pharma. Blackstone funds are investing an additional €1 billion in preferred equity, while BNP Paribas acted as exclusive international coordinator and Morgan Stanley served as financial adviser. Angelini’s chief executive Sergio Marullo di Codojanni called the transaction a “decisive step” in transforming the group into a global pharmaceutical player focused on brain health and rare diseases.