ROME, July 16 (Reuters) – 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.
• To support the transaction, funds managed by Blackstone will invest €1 billion in preferred equity.
• 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”.
(Reporting by Giuseppe Fonte. Editing by Giulia Segreti, Mark Potter and Keith Weir)
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