Catalyst Pharmaceuticals, Inc. (CPRX)

Catalyst Pharmaceuticals, Inc. was a commercial-stage biopharmaceutical company based in Coral Gables, Florida, focused on rare neuromuscular and neurological diseases. It was founded in 2002 as Catalyst Pharmaceutical Partners and adopted the name Catalyst Pharmaceuticals in May 2015. Its shares traded on Nasdaq under the symbol CPRX. The company is led from its Florida headquarters and sells its medicines mainly in the United States through specialty pharmacy channels.

Its flagship product was Firdapse, a tablet containing amifampridine phosphate for Lambert-Eaton myasthenic syndrome, or LEMS, a rare autoimmune disorder. Firdapse gained U.S. approval for adults in 2018 and was later extended to pediatric patients. The company also sold Ruzurgi for pediatric LEMS patients for a period before the products were consolidated. Catalyst sought to broaden Firdapse's uses, with development efforts in conditions such as MuSK antibody positive myasthenia gravis, spinal muscular atrophy type 3 and hereditary neuropathy with liability to pressure palsies. It held a license agreement with BioMarin and a collaboration with Endo on generic Sabril tablets.

In 2023 the company added to its portfolio by acquiring U.S. rights to Fycompa, an anti-seizure medicine, from Eisai, and by licensing U.S. rights to Agamree, a treatment for Duchenne muscular dystrophy, from Santhera. These transactions diversified revenue beyond Firdapse.

On May 7, 2026, Angelini Pharma, the pharmaceutical arm of Italy's Angelini Industries, announced an agreement to acquire Catalyst for $31.50 per share in cash, valuing the equity at about $4.1 billion. The price represented a 21 percent premium to the April 22, 2026 unaffected closing price and a 28 percent premium to the prior 30-day volume-weighted average price. Both boards approved the transaction unanimously and closing was expected in the third quarter of 2026.

The sale price of $31.50 per share offered a premium to the share price before the market learned of takeover interest, and the structure was a cash merger. Angelini Pharma is part of the Angelini Industries group based in Rome, Italy, which operates in pharmaceuticals and consumer products.

Catalyst's revenue was principally derived from Firdapse, with Fycompa and Agamree providing additional contribution. The company's long-time chief executive and co-founder, Patrick McEnany, led it during the period of its growth from a development-stage business into a profitable commercial company.

The acquisition was completed in July 2026, and a Form 25 was filed on July 15, 2026 to remove the common stock from Nasdaq. Catalyst became a wholly owned subsidiary of Angelini Pharma, and former shareholders received the cash price per share.