CPRX CATALYST PHARMACEUTICALS, INC.
Price Chart
Executive Summary
Catalyst Pharmaceuticals has entered into a definitive agreement to be acquired by Angelini Pharma S.p.A. for $31.50 per share in cash, representing a total equity value of approximately $4.1 billion. The transaction, unanimously approved by both boards, is expected to close in Q3 2026 and provides a 28% premium to the 30-day VWAP. Separately, Catalyst resolved all pending FIRDAPSE patent litigation with Hetero, pushing generic entry to no earlier than January 2035.
Actionable Insight
The all-cash acquisition at a significant premium provides immediate and certain value for CPRX shareholders. The stock should trade near the deal price with a small spread reflecting closing risk (regulatory, shareholder vote). Monitor the proxy filing and HSR review timeline. The FIRDAPSE patent settlement removes a key overhang, extending IP protection to 2035.
Key Facts
- Acquisition price of $31.50 per share in cash, total equity value ~$4.1 billion
- 28% premium to 30-day VWAP as of April 22, 2026; 21% premium to unaffected closing price
- Closing expected in Q3 2026, subject to stockholder approval, HSR, and other conditions
- All directors and executive officers entered into voting agreements to support the merger
- Termination fee of ~$155.5 million payable by Catalyst under specified circumstances
- FIRDAPSE patent litigation with Hetero settled; generic entry no earlier than January 2035
- Merger not subject to financing condition; Angelini financing via cash and debt with BNP Paribas as coordinator
- J.P. Morgan provided fairness opinion to Catalyst's board
Financial Impact
Total equity value of approximately $4.1 billion at $31.50 per share cash consideration
Risk Factors
- Shareholder vote may not be obtained (though insider voting agreements cover a significant block)
- Regulatory delays or antitrust conditions could push closing beyond Q3 2026 or impose remedies
- Superior proposal could emerge during the go-shop period, triggering termination fee
- Integration risk post-close for Angelini as a new U.S. market entrant
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFA14A Filing (Primary) | 0001193125-26-210587 |
| Document: 0001193125-26-210587-index-headers.html | 0001193125-26-210587 |
| Document: 0001193125-26-210587-index.html | 0001193125-26-210587 |
| Document: 0001193125-26-210587.txt | 0001193125-26-210587 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 28, 2026
12d ago
|
PREM14A
| $31.23 $31.28 | ▲ +0.16% | ▲ +0.45% | $31.28 (+0.16%) |
|
May 12, 2026
28d ago
|
DEFA14A
| $31.14 $31.23 | ▲ +0.29% | ▲ +0.21% | $31.28 (+0.45%) |
|
May 11, 2026
29d ago
|
Press Release
| $31.14 $31.23 | ▼ −0.29% | ▼ −0.21% | $31.28 (−0.45%) |
|
May 7, 2026
4w ago
|
DEFA14A
| $31.15 $31.16 | ▲ +0.03% | ▼ −1.43% | $31.28 (+0.42%) |
|
May 7, 2026
4w ago
|
DEFA14A
| $31.17 $31.16 | ▼ −0.03% | ▼ −1.54% | $31.28 (+0.35%) |
|
May 7, 2026
4w ago
|
8-K
| $31.17 $31.16 | ▼ −0.03% | ▼ −1.54% | $31.28 (+0.35%) |
|
Mar 19, 2026
11w ago
|
8-K/A
| $22.33 $24.25 | ▲ +8.60% | ▲ +10.81% | $31.28 (+40.08%) |
|
Feb 25, 2026
14w ago
|
8-K
| $24.88 $24.32 | ▼ −2.25% | ▼ −1.12% | $31.28 (+25.72%) |
US Market Status
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