NEW YORK, July 22, 2026, 10:06 EDT
- Angelini acquired Catalyst at $31.50 per share and subsequently delisted the company from Nasdaq.
- An initial estimate values the enterprise at 5.1 times its expected revenue for 2026.
- Approximately 91% of first-quarter product revenue was contributed by Firdapse and Agamree.
Catalyst shares were removed from trading on Wednesday after Angelini Pharma finalised its $4.1 billion all-cash acquisition. Investors were paid $31.50 per share. Nasdaq halted trading in Catalyst following completion of the deal.
The stock ended its most recent regular session at $31.49 on July 14, which was just one cent shy of the cash payout. The transaction was essentially completed.
The more relevant issue for investors is the price Angelini paid for the operating assets. Catalyst had significant cash reserves and was free of funded debt, considerably reducing the stated multiple.
| Metric | Reported or derived value | Comparison |
|---|---|---|
| Cash consideration | $31.50 per share | 3.2 basis points higher than the last regular close |
| Offer premium | 21% | Compared with the April 22 unaffected close |
| Equity value | About $4.10 billion | Total transaction headline value |
| Estimated June 30 net cash | $861 million | Initial estimate by management |
| Preliminary enterprise value | About $3.24 billion | Equity value minus estimated net cash |
| Projected 2026 revenue | $635 million | Management forecast supporting the merger |
| Preliminary EV/revenue | About 5.1 times | Compared with nearly 6.5 times based on equity value |
Based on management’s early net-cash figure, enterprise value stood near $3.24 billion. With anticipated revenue of $635 million, this reflects a 5.1x sales multiple. The reported equity multiple was 6.5x.
The purchase included a focused, high-margin growth asset. Firdapse and Agamree generated $135.6 million in revenue for the first quarter, accounting for roughly 91% of total product sales.
Firdapse sales increased by 18.1%, while Agamree advanced 66.6%. Fycompa declined 61.3% following the loss of exclusivity in 2025. Product mix remains a key factor.
Margins outpaced overall sales growth. Operating income for the first quarter increased by 15.6%, while product revenue advanced 5.6%. Firdapse’s upstream royalty rate dropped to 6%, down from a previous peak of 18.5%.
The royalty adjustment sheds light on Angelini’s readiness to buy. It allows additional Firdapse revenue to directly add to operating earnings. This conclusion is based on Catalyst’s stated cost structure.
At the time, Rich Daly was Catalyst’s CEO and described the proposal as offering “immediate and certain cash value.” Daly is currently at the helm of Angelini’s global rare-disease division. GlobeNewswire
Angelini CEO Sergio Marullo di Condojanni described the completion as a “decisive step” for global scale. The company acquires Catalyst’s U.S. operations and three approved medicines. GlobeNewswire
The Nasdaq regular session was active at the dateline. There was no real-time quote available for Catalyst. At approximately 9:50 a.m., the SPDR S&P Biotech ETF (NYSEARCA:XBI) traded 1.3% lower at $152.53.
Catalyst has become a fully owned subsidiary of Angelini. According to its SEC filing, public reporting will cease following deregistration. Previous holders are excluded from any future earnings.
Risks: Angelini faces challenges related to reimbursement, generic competition, and integration. Catalyst’s proxy previously adjusted certain Firdapse and Fycompa forecasts to reflect concerns about pricing and competitive threats.
For investors in rare diseases, the true benchmark is not $4.1 billion. Instead, it is about 5.1 times sales for a business with two profitable products. That serves as the more precise takeaway from the deal.
