Angelini strikes $4.1bn deal for Catalyst Pharma in state-backed US push

Italian drugmaker enlists CDP Equity to fund transatlantic expansion into rare neurological diseases

Angelini Pharma has agreed to acquire Florida-based Catalyst Pharmaceuticals (CPRX) for $4.1bn, marking the Italian group's debut in the US pharmaceutical market and the second significant American acquisition by an Italian drugmaker in as many weeks.

The family-owned group, the pharmaceutical arm of Rome-based Angelini Industries, will pay $31.50 per share in cash — a modest 3 per cent premium to Catalyst's last closing price but a 21 per cent premium to its level on April 22, before reports of the deal first emerged.

Shares in Catalyst, which have risen more than 30 per cent this year, edged up a further 1.3 per cent to $31 in pre-market trading following the announcement. Completion is expected in the third quarter.

Cassa Depositi e Prestiti, the Italian state lender, is set to take a minority stake in Angelini Pharma through its investment vehicle CDP Equity, providing crucial financial firepower for the acquisition, according to two people familiar with the matter. The precise terms are still being negotiated, with CDP Equity expected to acquire its holding via a capital increase at Angelini Pharma.

CDP has long served as a backstop for Italian strategic assets, with a mandate to support high-potential domestic businesses as they expand internationally.

Blackstone (BX) funds and unnamed international partners will also contribute to the financing, while BNP Paribas will act as global co-ordinator and underwriter for the transaction.

Sergio Marullo di Condojanni, chief executive of Angelini Pharma, said the deal would establish the group as a "relevant global player in neurological rare diseases," broadening both its scale and therapeutic reach. The company currently focuses on treatments for brain disorders.

Catalyst, founded in 2002 and listed on Nasdaq since 2006, develops treatments for rare neuromuscular and neurological conditions — a natural complement to Angelini's existing portfolio.

The deal adds further momentum to a quiet consolidation wave among Italian pharma groups eyeing the US market. It follows Chiesi's $1.9bn acquisition of KalVista Pharmaceuticals (KALV) announced last month, as mid-sized Italian manufacturers seek the scale necessary to compete globally.