UPDATE 1-Italy's Angelini Pharma completes $4.1 billion state-backed takeover of Catalyst

مجموعة بلاكستون
Catalyst Pharmaceuticals, Inc.
BIOXYTRAN INC

Blackstone Inc.

BX

0.00

Catalyst Pharmaceuticals, Inc.

CPRX

0.00

BIOXYTRAN INC

BIXT

0.00

Adds details and quotes

- Angelini Pharma said on Thursday it had completed the acquisition of U.S. rare-disease drug maker Catalyst Pharmaceuticals CPRX.O 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 BX.N 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 BNPP.PA.

  • The deal is a "decisive step" in transforming Angelini into a global pharmaceutical player, said its Chief Executive Sergio Marullo di Codojanni.

  • Andrea Valeri, chairman of Blackstone Italy, described the acquisition as "transformative, leveraging Blackstone's global franchise and deep expertise in life sciences".