Angelini Pharma is buying Catalyst Pharmaceuticals for about $4.1 billion in cash, paying $31.50 per share. The all-cash offer represents a premium to Catalyst’s recent trading levels and is expected to close in the third quarter of 2026. The deal adds three marketed rare-disease medicines to Angelini’s portfolio, including Firdapse for Lambert-Eaton myasthenic syndrome and Agamree for Duchenne muscular dystrophy. Catalyst also brings Fycompa, extending Angelini’s neurology and rare neurological disease footprint in the U.S. Angelini said the acquisition strengthens its plan to build a global brain-health and rare neuro platform, while preserving Catalyst’s established commercial infrastructure. Catalyst’s 2025 revenue was cited at about $589 million, with growth leading the rationale for the premium. In a crowded 2026 M&A market, the Catalyst transaction stands out as a “platform-plus-commercial” play—adding both approved assets and a distribution engine—rather than relying solely on pipeline development risk.