Shares will likely trade near the $31.50 offer price with a small spread reflecting regulatory and shareholder approval risk. The stock could trade at a slight discount until the shareholder vote and HSR clearance are obtained. Traders should monitor the proxy filing and regulatory calendar for closing timeline updates.
Price Chart
Executive Summary
Catalyst Pharmaceuticals (CPRX) has entered into a definitive agreement to be acquired by Angelini Pharma for $31.50 per share in cash, representing a total equity value of approximately $4.1 billion. The price reflects a 28% premium to the 30-day volume-weighted average price. Separately, Catalyst resolved all remaining FIRDAPSE patent litigation, with Hetero agreeing not to launch a generic version before January 2035, strengthening the IP outlook for the flagship product.
Key Financial Metrics
Key Facts
- Acquisition price: $31.50 per share in cash
- Total equity value: ~$4.1 billion
- Premium: 28% to unaffected 30-day VWAP as of April 22, 2026
- Expected closing: Q3 2026
- Transaction not subject to financing condition
- Boards of both companies unanimously approved
- Termination fee payable by Catalyst: $155.5 million
- Patent settlement with Hetero pushes generic FIRDAPSE entry to at least January 2035
- All directors and executive officers entered into voting agreements to support the deal
Financial Impact
Stockholders to receive $31.50 per share in cash, totaling approximately $4.1 billion equity value
Risk Factors
- Failure to obtain required regulatory approvals (HSR Act)
- Shareholder vote fails to adopt the merger agreement
- Superior proposal triggers termination and $155.5M break fee
- Material adverse effect between signing and closing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-210518 |
| Document: d90722d8k.htm | 0001193125-26-210518 |
| Document: d90722dex101.htm | 0001193125-26-210518 |
| Document: d90722dex991.htm | 0001193125-26-210518 |
| Document: d90722dex992.htm | 0001193125-26-210518 |
| Document: d90722dex31.htm | 0001193125-26-210518 |
| Document: 0001193125-26-210518-index-headers.html | 0001193125-26-210518 |
| Document: 0001193125-26-210518-index.html | 0001193125-26-210518 |
| Document: 0001193125-26-210518.txt | 0001193125-26-210518 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 22, 2026 5w ago | Institutional Cluster | — | awaiting T+5 | — | — |
Jul 24, 2026 9w ago | 15-12G | $31.49 awaiting T+5 | awaiting T+5 | — | — |
Jul 17, 2026 11w ago | EFFECT | $31.49 $31.49 | · 0.00% | ▼ −0.59% | — |
Jul 15, 2026 11w ago | 25-NSE | $31.49 $31.49 | · 0.00% | ▼ −0.98% | — |
Jul 8, 2026 12w ago | 8-K | $31.47 $31.49 | ▲ +0.06% | ▲ +0.20% | — |
Jun 30, 2026 13w ago | DEFA14A | $31.44 $31.49 | ▲ +0.16% | ▼ −0.10% | — |
Jun 30, 2026 13w ago | 8-K | $31.44 $31.49 | ▲ +0.16% | ▼ −0.10% | — |
May 28, 2026 18w ago | PREM14A | $31.23 $31.28 | ▲ +0.16% | ▲ +0.45% | — |
May 12, 2026 20w ago | DEFA14A | $31.14 $31.23 | ▲ +0.29% | ▲ +0.21% | — |
May 11, 2026 20w ago | Press Release | $31.14 $31.23 | ▼ −0.29% | ▼ −0.21% | — |
US Market Status
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