Italy's Angelini Pharma has agreed to buy Catalyst Pharma of the US for up to $4.1 billion, saying the deal is a 'pivotal moment' in its 100-year-plus history.

意大利的安吉里尼制药公司同意以高达41亿美元的价格收购美国的催化剂制药公司，称此次交易是其百年历史中的“关键时刻”。

Privately held

私人持有的

Angelini

安吉里尼

will pay $31.50 per share for Nasdaq-listed

每股将支付31.50美元收购纳斯达克上市的

Catalyst

催化剂

, a 28% premium to its average trading price over the last four weeks. If the transaction is completed, it will mark the Italian company's entry into the US market.

，较其过去四周的平均交易价格溢价28%。如果这笔交易完成，它将标志着这家意大利公司进入美国市场。

Buying Catalyst will give Angelini ownership of three FDA-approved products for neuromuscular diseases and epilepsy that generated $589 million in sales last year and have been forecast to reach up to $645 million in 2026.

购买Catalyst公司将使Angelini拥有三种FDA批准的用于神经肌肉疾病和癫痫的产品，这些产品去年创造了5.89亿美元的销售额，并预计到2026年将达到6.45亿美元。

Catalyst's top-selling product is Firdapse (amifampridine) for the neuromuscular disorder Lambert-Eaton myasthenic syndrome (LEMS) – which accounted for $358 million of its 2025 revenues – and it is likely no coincidence that the agreement with Angelini has been announced on the same day that the company settled a patent dispute over the product with India's Hetero Labs..

Catalyst最畅销的产品是用于神经肌肉疾病Lambert-Eaton重症肌无力综合征（LEMS）的Firdapse（amifampridine），该产品占其2025年收入的3.58亿美元。而与Angelini达成协议的同一天，该公司刚刚与印度的Hetero Labs解决了关于该产品的专利纠纷，这很可能并非巧合。

That settlement has averted the risk of Hetero launching a generic version of Firdapse, prior to the lapse of the product's US patent protection, which Catalyst said will expire in January 2035. Catalyst has previously settled patent litigation with three other generic drugmakers, Lupin, Teva, and Inventia, and no other lawsuits are pending..

该和解协议避免了Hetero在美国专利保护到期之前推出Firdapse仿制药的风险，Catalyst表示该专利将于2035年1月到期。Catalyst此前已与另外三家仿制药商Lupin、Teva和Inventia达成专利诉讼和解，目前没有其他未决诉讼。

Along with Firdapse, Catalyst also sells Agamree (vamorolone) for Duchenne muscular dystrophy (DMD), which grew 154% to $117 million last year, and epilepsy therapy Fycompa (perampanel), which is now exposed to generic competition in the US and shrank 17% to $113 million.

除了Firdapse，Catalyst公司还销售用于治疗杜氏肌营养不良症（DMD）的Agamree（vamorolone），该药物去年增长了154%，达到1.17亿美元；以及癫痫治疗药物Fycompa（perampanel），该药物目前在美国面临仿制药竞争，销售额下降了17%，至1.13亿美元。

For Angelini, which specialises in central nervous system diseases, rare diseases, and speciality and consumer medicines, this is the first M&A deal since 2021 when it bought Swiss epilepsy and CNS specialist

对于专注于中枢神经系统疾病、罕见病以及专科和消费者药物的安吉里尼来说，这是自2021年收购瑞士癫痫和中枢神经系统专家以来的首笔并购交易。

Arvelle Therapeutics

阿尔维尔治疗公司

for up to $960 million in 2021. Adding Catalyst will result in a jump in Angelini's revenues, which were around $1.9 billion in 2024.

2021年高达9.6亿美元。加入Catalyst将使Angelini的收入出现增长，其2024年的收入约为19亿美元。

The chief executive of the family-owned business, Sergio Marullo di Condojanni, said that buying Catalyst is another significant step forward in a five-year-old project to turn Angelini into a company that is 'capable of competing at the highest global level.'

家族企业的首席执行官塞尔吉奥·马鲁洛·迪·孔多亚尼表示，收购Catalyst是其五年计划中的另一个重要步骤，该计划旨在将Angelini打造成一家“能够在最高全球水平竞争”的公司。

A focus on CNS disorders is one of the pillars of that strategy, he added, which has also been built through other deals, such as an alliance with

他补充说，专注于中枢神经系统疾病是该战略的支柱之一，这也通过其他交易得以实现，例如与...的联盟。

GRIN Therapeutics

格林治疗学

on the development of radiprodil for epilepsy and neurodevelopmental disorders, and the licensing of another epilepsy candidate from

关于radiprodil在癫痫和神经发育障碍方面的开发，以及从另一家获得癫痫候选药物的许可，

Sovargen

苏瓦尔根

, both signed last year.

，均于去年签署。

'The acquisition of Catalyst Pharmaceuticals…will establish Angelini Pharma as a relevant global player in neurological rare diseases,' said Marullo di Condojanni.

“收购Catalyst Pharmaceuticals…将使Angelini Pharma成为神经罕见病领域的重要全球参与者，”马鲁洛·迪·孔多亚尼表示。

'Entering the US market will allow us to acquire the scale and capabilities needed to continue this journey.'

“进入美国市场将使我们获得继续这一旅程所需的规模和能力。”