Angelini Pharma said on Thursday it had completed the acquisition of U.S. rare-disease drug maker Catalyst Pharmaceuticals in a $4.1 billion deal involving Italian state lender CDP.
- The acquisition gives Angelini full ownership of Catalyst’s portfolio of rare disease treatments and its commercial operations in the U.S., creating what the Italian group described as a new platform for growth in neurological and rare disorders.
- Angelini Pharma, part of the eponymous family-owned group founded in 1919, paid $31.50 in cash for each Catalyst share, the Italian group said in a statement.
- The deal led to the delisting of the Florida-based biotech company from the Nasdaq market.
- Italy will remain a strategic production and scientific hub for Angelini’s operations.
- CDP Equity, the investment arm of CDP, invested around €1 billion to buy 23.5% of Angelini Pharma through a capital hike to help fund the transaction, the statement said, confirming a previous Reuters report.
- “This initiative is in line with our commitment to supporting innovation and the international growth of Italy’s leading industrial companies,” said Fabio Barchiesi, chief executive of CDP Equity.
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To support the transaction, funds managed by Blackstone will invest €1 billion in preferred equity.
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The deal was financed by a pool of 14 Italian and international financial institutions, led by France’s BNP Paribas.
- The deal is a “decisive step” in transforming Angelini into a global pharmaceutical player, said its Chief Executive Sergio Marullo di Condojanni.
- Andrea Valeri, chairman of Blackstone Italy, described the acquisition as “transformative, leveraging Blackstone’s global franchise and deep expertise in life sciences”.
