Chiesi to acquire Cornerstone

Chiesi Farmaceutici S.p.A. (Parma, Italy) will acquire the 42% of shares of partner Cornerstone Therapeutics Inc. (NASDAQ:CRTX) it does not already own for $9.50 per share in cash. The deal values Cornerstone at about $255.3 million based on 26.9 million shares outstanding on Sept. 15. The price is a 2% discount to Cornerstone's close of $9.74 on Friday, before the deal was announced, and a 73% premium to the company's close of $5.50 on Feb. 19, before Cornerstone said its board received a proposal from Chiesi to take Cornerstone private for $6.40-$6.70 in cash (see BioCentury Extra, Feb. 20).

Cornerstone, which will become a Chiesi subsidiary, has U.S. marketing rights to Chiesi products including Curosurf poractant alfa for respiratory distress syndrome (RSD) in premature infants. ...