Chiesi
Farmaceutici S.p.A. ("Chiesi"), a leading European pharmaceutical
company, and Cornerstone Therapeutics Inc. CRTX
("Cornerstone"), a specialty pharmaceutical company focused on
commercializing products for the U.S. hospital and adjacent specialty
markets, today announced that the special committee of the
Cornerstone Board of Directors, as well as the boards of directors of
both companies, have approved a definitive merger agreement under
which Chiesi will acquire all of the outstanding common shares of
Cornerstone for $9.50 per share in cash. Chiesi currently owns 58% of
Cornerstone's outstanding common shares.
The transaction represents a premium of approximately 78% over
Cornerstone's closing price of $5.35 on February 15, 2013, the last
trading day prior to Chiesi's initial written proposal, and a premium
of approximately 42% to the high end of the range of Chiesi's initial
proposal.
The transaction advances Chiesi's initiative to build a larger global
presence and represents a significant step towards strengthening its
presence in the United States. 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 U.S. Through this transaction, Chiesi will
become a bigger player in special care in the U.S., the world's
largest market for this type of care (approximately 50% of projects
in orphan drugs originate in the U.S.). Chiesi has a strong product
pipeline, including highly promising molecules for the treatment of
respiratory and rare diseases, and will continue to develop its
pipeline as it consolidates its presence in the U.S.
The transaction positions Cornerstone for long-term growth and
development as a private company and affords a level of financial
flexibility required to enhance Cornerstone's product pipeline,
strengthen its marketing network and allow it to capitalize on
additional opportunities to acquire high-quality respiratory
products.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in