M&A · Healthcare · Pharmaceutical Preparations
Angelini Pharma S.p.A. to acquire Catalyst Pharmaceuticals, Inc.
Announced May 7, 2026 · Closed Jul 15, 2026
Deal value$3.85BEV $3.14B
Premium21.0%To unaffected price
EV / Adj. EBITDA9.8x5.3x EV / Revenue
ConsiderationAll cash$31.50 per share
Transaction
- Acquirer
- Angelini Pharma S.p.A.
- Target
- Catalyst Pharmaceuticals, Inc. (CPRX)
- Buyer type
- Strategic
- Offer price per share
- $31.50
- Enterprise value
- $3.14B
- Status
- Closed Jul 15, 2026
Deal protections
- Break fee (target pays)
- $156M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · BNP Paribas, Morgan Stanley
Advisors
- To the acquirer
- Centerview
- To the target
- JPMorgan
- JPMorgan fee
- $61.0M
Sector context · Healthcare
- Comparable deals
- 101 in the prior 24 months
- Premium
- 21.0% vs. 50.5% sector median
- EV / Adj. EBITDA
- 9.8x vs. 13.2x sector median
- Break fee
- 4.0% vs. 3.3% sector median
Timeline
- AnnouncedMay 7, 2026
- Proxy filedMay 28, 2026
- Definitive proxyJun 8, 2026
- Shareholder voteJul 8, 2026
- ClosedJul 15, 2026
Valuation · fairness opinions
Discounted cash flow$29.00$33.50
Analyst price targets$32.00$36.00
Discounted cash flow$30.35$45.40
Offer $31.50
Implied value per Catalyst Pharmaceuticals, Inc. share by analysis, from JPMorgan · DCF discount rate 9.5%–11.5%.