Pharmaceutical Market Europe • May 2026 • 6
NEWS
Angelini Pharma to acquire Catalyst Pharmaceuticals for $4.1bn
Angelini Pharma has announced that it will acquire Catalyst Pharmaceuticals in a deal worth around $4.1bn (equivalent to 3.5bn euros).
Angelini Pharma is an international pharmaceutical company and part of the Angelini Industries Group. Catalyst Pharmaceuticals is a commercial-stage biopharmaceutical company focused on in-licensing, developing and commercialising novel medicines for patients living with rare and difficult-to-treat diseases.
The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the third quarter of 2026.
Following completion of the acquisition, Angelini Pharma intends to integrate Catalyst’s portfolio and commercial infrastructure with its own expertise and products in Brain Health to develop a next-generation therapeutic platform in rare diseases.
Catalyst’s portfolio is expected to significantly strengthen Angelini Pharma’s strategic objectives, growing its presence in the US as part of a balanced strategy that aims to develop the North American market while continuing to strengthen its core business in Europe.
Angelini Pharma’s continued industrial presence in Italy will remain a strategic asset as a valuable production and scientific centre within the combined company’s global operations.
Biogen agrees $850m felzartamab rights deal with TJ Biopharma
Biogen has entered into an agreement with TJ Biopharma (TJ Bio) to acquire exclusive rights to felzartamab in the Greater China region.
Under the terms of the deal, Biogen will pay $100m upfront, with TJ Bio eligible
for up to $750m in commercial and sales milestone payments, bringing the total
potential value to $850m.
The agreement also includes a small percentage share in royalties on net sales
in Greater China, the geographical area comprising mainland China, Hong Kong,
Macau and Taiwan.
Felzartamab is currently being evaluated in global phase 3 clinical studies across
multiple immune-mediated diseases. The monoclonal antibody targets CD38, a
protein expressed on plasma cells and other immune cells and is being investigated for conditions including antibody-mediated rejection in kidney transplant recipients,
IgA nephropathy and primary membranous nephropathy.
Biogen previously acquired worldwide rights to felzartamab excluding Greater
China through its acquisition of HI-Bio in 2024. The latest agreement extends those
rights globally and adds responsibility for development, manufacturing and commercialisation in the region.
The agreement builds on an existing collaboration between the two companies.
In 2025, TJ Bio joined two Biogensponsored phase 3 international multicentre
trials evaluating felzartamab in IgA nephropathy and primary membranous
nephropathy in China. Both conditions represent significant unmet need in the region. IgA nephropathy is a leading cause of end-stage kidney disease in young adults in China, while primary membranous nephropathy is an increasingly common cause of adult nephrotic syndrome.
TJ Bio will continue to manufacture felzartamab for multiple myeloma at its
China facility, while Biogen will assume responsibility for milestone and royalty
obligations linked to a prior licensing agreement with MorphoSys, now asubsidiary of Novartis.
Eli Lilly to acquire Kelonia Therapeutics in deal worth up to $7bn
Eli Lilly has agreed to acquire Kelonia Therapeutics in a deal valued at up to
$7bn, as the company looks to expand its capabilities in cell and gene therapy.
Under the terms of the agreement, Kelonia shareholders will receive $3.25bn upfront, with additional payments tied to clinical, regulatory and commercial milestones. The transaction is expected to complete in the second half of 2026, subject to regulatory approvals.
Kelonia has developed an in vivo gene delivery platform designed to enable the generation of chimeric antigen receptor T-cell (CAR-T) therapies directly within the body. The approach aims to overcome limitations associated with traditional ex vivo CAR-T therapies, including complex manufacturing.
The company’s lead programme, KLN-1010, is an investigational one-time intravenous gene therapy targeting B-cell maturation antigen (BCMA), a protein expressed on multiple myeloma cells. Early clinical data presented at the 2025 American Society of Hematology Annual Meeting suggested promising tolerability and provided initial clinical validation of the platform.
Kelonia’s platform uses engineered lentiviral-based particles to selectively target T cells in the body, enabling the generation of CAR-T cells without the need for pre-administration chemotherapy or complex manufacturing steps.