NEW YORK, July 21, 2026, 10:09 EDT
- Catalyst last traded at $31.49, just below the $31.50 cash payout.
- Roughly 82% of the total takeover gains occurred ahead of the official announcement.
U.S. markets operated as usual on Tuesday, though Catalyst shares did not trade. Nasdaq halted trading activity after the company was acquired by Angelini Pharma.
Angelini finalized its $4.1 billion acquisition on July 15. Every Catalyst share was exchanged for $31.50 in cash.
The stock ended regular trading at $31.49 on July 14, resulting in a gross spread of 0.03% before accounting for trading fees.
The clearest indication from investors was seen prior to the official deal news. Catalyst shares finished at $25.94 on April 22 in the final session before news impacted trading.
As of May 6, shares climbed to $30.52, with roughly 82% of the overall dollar increase already factored in.
The gross upside left decreased as shown. Each percentage measures how the price relates to the $31.50 cash offer.
| Price point | Share price | Gross upside to $31.50 |
|---|---|---|
| April 22 close, unaffected | $25.94 | 21.4% |
| May 6 close, before announcement | $30.52 | 3.2% |
| May 7 close, after announcement | $31.17 | 1.1% |
| July 14 final standard close | $31.49 | 0.03% |
Catalyst identified April 22 as the final trading session before the transaction’s disclosure. Market indicators of the deal emerged following that day.
The 21% headline premium contrasted with the gains accessible once speculation began. Traders entering near the end of the deal were seeking a narrower spread.
The merger was finalized 69 days following its announcement on May 7. Nasdaq suspended Catalyst on July 16, bringing the arbitrage trade to a close.
Prior to the sale, Catalyst continued to expand. Revenue for the first quarter increased by 5.6% to reach $149.4 million.
Firdapse revenue increased by 18.1%, and Agamree was up 66.6%. Fycompa dropped 61.3% following the arrival of generic competitors.
Angelini CEO Sergio Marullo di Condojanni described the deal as “a decisive step to become a global player.” Blackstone Inc. NYSE:BX funds planned to provide €1 billion in preferred equity, pending regulatory approval. Angelini Pharma
Some data screens continue to show Catalyst’s $31.49 close. This figure is outdated and does not represent a current tradeable quote.
Risks: Angelini faces significant concentration in both product and distribution. Two pharmaceuticals accounted for 90.8% of product revenue in the first quarter, and a single client made up 90.1% of sales.
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