Catalyst (CPRX) CMO William Andrews Sells Shares in Merger

What Happened
William T. Andrews, Chief Medical Officer of Catalyst Pharmaceuticals (CPRX), disposed of equity in connection with the closing of Catalyst's acquisition by Angelini Pharma. The Form 4 reports (a) a sale/disposition of 2,309 common shares at $31.50 each for $72,734 and (b) the cancellation/conversion of multiple stock options and restricted stock units (RSUs) into cash. In total the filing shows 267,393 equity instruments affected (2,309 common shares plus 265,084 options/RSUs); the cash amounts for the derivative cancellations are described in footnotes rather than reported on the face of the filing.

Key Details

• Transaction date: 2026-07-15; Form 4 filed 2026-07-17 (appears timely).
• Reported cash proceeds for common shares: 2,309 shares × $31.50 = $72,734.
• Derivative dispositions: 124,447; 98,652; 12,209; and 29,776 units listed (total 265,084) reported with $0 on the face of the form because they were settled per merger terms (see footnotes).
• Footnotes:
  • F1: Dispositions were in connection with the consummation of the acquisition by Angelini Pharma S.p.A.
  • F2–F5: RSUs represented rights to receive shares; Options and RSUs vested in full and were cancelled and converted into cash payments equal to the merger price mechanics (cash payment = excess of $31.50 per share over option strike for options; $31.50 per RSU), less applicable tax withholdings.
• Shares owned after the transactions: not specified in the supplied summary of the filing.

Context

• These were not open-market trades but merger-related settlements: the common shares were surrendered/paid out at $31.50 per share, and vested options/RSUs were cashed out under the merger terms. That means the transactions reflect deal consideration, not an independent buy/sell decision by the insider.
• For retail investors: merger-driven dispositions are routine when a company is acquired and do not by themselves indicate the insider's view on the business going forward.