Catalyst Pharmaceuticals (NASDAQ:CPRX) has been delisted from the Nasdaq Stock Market following the completion of its acquisition by Angelini Pharma. The deal, valued at $4.1 billion, was finalized on July 15, 2026, with each Catalyst share exchanged for $31.50 in cash.
The stock last traded on July 14 at $31.49, representing a gross spread of just 0.03% before fees. This narrow gap highlights how effectively the market had priced in the merger, leaving minimal arbitrage opportunity for late-stage traders.
Nasdaq suspended trading in Catalyst shares on July 16, effectively ending the arbitrage trade that had been active since the deal was announced on May 7. The entire process from announcement to closing spanned 69 days.
Market Reaction and Pre-Announcement Gains
Data from MarketWatch indicates that roughly 82% of the total takeover gains occurred before the official announcement. Catalyst shares closed at $25.94 on April 22, the last unaffected trading session. By May 6, the day before the deal was revealed, shares had already climbed to $30.52, incorporating most of the expected premium.
The headline premium of 21% against the unaffected price contrasted sharply with the gains available to traders who entered after speculation began. Those who bought near the end of the deal were chasing a spread of just a few cents.
Financial Performance and Product Portfolio
Prior to the acquisition, Catalyst demonstrated continued growth. First-quarter revenue increased by 5.6% to $149.4 million, driven by strong performance in key products. Firdapse revenue rose 18.1%, while Agamree surged 66.6%. However, Fycompa experienced a 61.3% decline following the entry of generic competitors.
Two pharmaceuticals accounted for 90.8% of product revenue in the first quarter, and a single client represented 90.1% of sales. This concentration poses a risk for Angelini as it integrates the business.
Strategic Rationale and Financing
Angelini CEO Sergio Marullo di Condojanni described the acquisition as "a decisive step to become a global player." The deal was backed by Blackstone Inc. (NYSE:BX) funds, which planned to provide €1 billion in preferred equity, pending regulatory approval.
Some data screens still display Catalyst's $31.49 close, but this figure is outdated and does not represent a current tradeable quote. The stock is no longer available for trading on Nasdaq.
