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  • Angelini Pharma is buying Catalyst for $4.1 billion & InflaRx secures $150 million for its pivot

Angelini Pharma is buying Catalyst for $4.1 billion & InflaRx secures $150 million for its pivot

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Joachim Eeckhout & Eduardo Longoria
May 08, 2026

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SNAPSHOT

Angelini Pharma is buying Catalyst for $4.1 billion to accelerate its push into US brain health and rare neurological diseases

Italian drugmaker Angelini Pharma plans to acquire Catalyst Pharmaceuticals in an all-cash deal valued at roughly $4.1 billion. The acquisition gives Angelini an immediate foothold in the US market and expands its portfolio in rare neurological and neuromuscular disorders.

Why it matters: The deal strengthens Angelini’s position in central nervous system (CNS) therapies and rare diseases, two fast-growing, high-value pharmaceutical markets. It also gives the company access to Catalyst’s established US commercial infrastructure, regulatory expertise, and profitable products, accelerating Angelini’s global ambitions.

Backstory: Catalyst has traded on Nasdaq since 2006 and specializes in rare neurological conditions. Over this time, it has built a portfolio including Firdapse, Agamree and Fycompa. The acquisition price of $31.50 per share represents a 28% premium over Catalyst’s 30-day volume-weighted average share price before deal rumors emerged in April 2026. Both boards unanimously approved the transaction, which is expected to close in Q3 2026.

Big picture: The transaction reflects growing consolidation in neuroscience and rare disease therapeutics, where companies are seeking specialized portfolios with strong pricing power and regulatory protections. It also signals rising confidence among European pharma firms in pursuing large-scale US expansion.

Zoom in: Angelini CEO Marullo di Condojanni framed the acquisition as part of a five-year transformation centered on CNS disorders. The company said Italy will remain a strategic manufacturing and research hub even as it expands in North America.

What’s next: Angelini will integrate Catalyst’s US operations while scaling its global brain-health platform.

SNAP AGAIN

InflaRx is seizing a regulatory opening in kidney disease with a $150 million raise

German biotech InflaRx is repositioning its pipeline around izicopan, an oral C5a receptor inhibitor aimed at severe renal diseases such as ANCA-associated vasculitis (AAV). At the same time, the Nasdaq-listed company is launching a $150 million share offering that investors are expected to fully subscribe to.

Why it matters: InflaRx is moving into a potentially attractive market opportunity as scrutiny intensifies around competing AAV therapy Avacopan. Regulatory investigations into safety disclosures and liver injury cases could create space for alternative therapies with cleaner metabolic profiles.

Backstory: InflaRx first gained attention during the COVID-19 pandemic through its work on C5a inhibition to treat severe inflammatory responses. Its anti-C5a antibody later received emergency US authorization and European approval. As pandemic-related demand faded, the company pivoted toward chronic inflammatory and kidney diseases using oral small-molecule therapies.

Big picture: The move highlights growing industry interest in complement-mediated diseases, especially kidney disorders where inflammation pathways like C5a/C5aR are increasingly viewed as promising drug targets. Investors are also rewarding companies that can differentiate on safety in crowded immunology markets.

Zoom in: The company argues izicopan may offer an advantage to Avacopan because it appears to have limited interaction with CYP3A4, a liver enzyme tied to many drug-related side effects. Early studies have shown no major liver metabolism warning signals so far.

What’s next: Proceeds from the 75 million-share offering are expected to fund operations into 2029, supporting Phase II AAV data and broader renal expansion efforts.

SNIPPETS

What’s happening in biotech today?

📉 Dystrophy dip: Entrada Therapeutics’ shares fell more than 55% after the company released early Phase 1/2 trial data for its Duchenne muscular dystrophy therapy, ENTR-601-44, that disappointed investors despite positive safety and tolerability findings. While the RNA-based treatment showed some improvement in patients’ ability to rise from the floor, analysts focused on its modest 2.36% increase in dystrophin production, far below expectations of 10% or higher and well behind rival therapies such as Novartis-owned del-zota, which previously demonstrated a 25% increase. Analysts said Entrada may need to test higher doses, potentially delaying its competitiveness in the race to treat Duchenne patients with exon 44 mutations.

🐷 Porkless push: Blackstone Life Sciences has invested $250 million in Anagram Therapeutics to support the development and commercialization of ANG003, an oral recombinant enzyme replacement therapy aimed at reducing the treatment burden for people with exocrine pancreatic insufficiency (EPI) caused by cystic fibrosis and related conditions. Current therapies can require up to 40 pills daily and are derived from pig pancreas glands, leading to shortages and side effects, while Anagram hopes ANG003 could reduce dosing to just three pills per day. The funding builds on more than $30 million previously provided by the Cystic Fibrosis Foundation. ANG003, now preparing for a Phase 2 trial against AbbVie’s Creon, is Anagram’s lead therapy targeting EPI and related disorders.

🚪Liver exit: Ipsen has halted development of the two investigational liver disease therapies it acquired through its $952 million purchase of Albireo in 2023, discontinuing ritivixibat entirely and pausing progress on A2342. Ritivixibat, an ileal bile acid transporter inhibitor being studied for primary sclerosing cholangitis, had its Phase 2 trial terminated early due to recruitment challenges following a strategic portfolio review. A2342, designed to target bile transport through sodium taurocholate co-transporting polypeptide inhibition, completed a first-in-human trial in 2023 but currently has no active studies and is no longer listed in Ipsen’s pipeline. Ipsen continues to focus on Albireo’s approved itch treatment Bylvay, which generated about $203 million in 2025 sales and is being expanded into new indications.

🔄 Oncology pivot: Ascendis Pharma has discontinued internal development of its IL-2 cancer therapy candidate, TransCon IL-2 β/γ (onvapegleukin alfa), marking a retreat from its oncology expansion strategy to refocus on its core rare endocrinology business. The company said oncology development no longer aligns with its strategic priorities, despite reporting Phase 1/2 data showing median overall survival of up to 10 months in platinum-resistant ovarian cancer patients, compared with historical survival rates of six to seven months. Ascendis plans to explore alternative ways to maximize the asset’s value, potentially through partnerships. The move follows broader industry struggles to develop safer, more effective IL-2 therapies capable of overcoming the toxicity and dosing limitations that have historically hindered the cytokine’s use in cancer treatment.

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