Chiesi Farmaceutici will acquire all outstanding shares of Cornerstone Therapeutics for $9.50 per share, the companies have announced. Chiesi already owns almost 60% of Cornerstone outstanding common shares. Cornerstone announced in February 2013 that it had received an offer of between $6.40 and $6.70 per share from Chiesi.
According to Chiesi, “The acquisition creates a foundation for new projects in special care and respiratory disorders and will provide a sales channel on all products Chiesi intends to commercialize in the US.” Chiesi licensed its Bethkis tobramycin inhalation solution to Cornerstone in 2012.
Cornerstone Chairman and CEO Craig Collard commented, “Together with Chiesi, we have made significant progress in transforming Cornerstone into a market leader in our core therapeutic area of hospital and related specialty products and expect enhanced development opportunities through this exciting transaction. We are pleased to be able to provide employees with additional opportunities and customers with added benefits as part of a global company. Cornerstone has a solid foundation and we believe this is a natural step forward to achieve long-term success.”
Chiesi CEO Ugo Di Francesco said, “We are excited to announce this transaction, which offers immediate and significant cash value to Cornerstone stockholders and creates enhanced flexibility for Cornerstone to grow and prosper in the global marketplace. With the support of Chiesi, Cornerstone will help fulfill its mission to develop and commercialize innovative pharmaceutical solutions to improve the quality of human life. We will continue to promote Cornerstone’s market leading respiratory products, as we establish a strong footprint in the special care market. We look forward to working closely with the Cornerstone management team and to welcoming its talented employees to the Chiesi family.”
Read the Chiesi and Cornerstone press release.
