Story
CDP Equity Takes €1 Billion Stake in Angelini Pharma to Fund Catalyst Acquisition
Summary
Italy's CDP Equity has acquired a 23.5% stake in Angelini Pharma for approximately €1 billion through a capital increase, a move designed to finance the drugmaker's purchase of US-listed Catalyst.
CDP Equity has purchased a 23.5% stake in Italian drugmaker Angelini Pharma for approximately €1 billion ($1.1 billion), according to a statement released Thursday confirming the deal's completion. The transaction was executed through a capital increase and is intended to support Angelini Pharma's acquisition of the U.S.-listed company Catalyst.
Deal Structure and Financing
The investment from CDP Equity, an Italian state-backed investment firm, provides significant capital for Angelini Pharma's expansion. The funds are earmarked specifically for the acquisition of Catalyst, a strategic move for the Italian pharmaceutical company to grow its presence in the U.S. market.
In a parallel transaction, the deal will also see funds managed by Blackstone invest an additional €1 billion in Angelini Pharma through preferred shares. This part of the transaction is still pending standard regulatory approvals.
AdAdvisory Roles
A number of major financial institutions advised on the complex financing arrangement. BNP Paribas acted as the sole global coordinator and bookrunner for the debt financing portion of the deal.
Morgan Stanley & Co. International plc served as the sole financial advisor to Angelini Pharma for securing the participation of both CDP Equity and Blackstone as financial partners.
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