Cornerstone Therapeutics Accepts Sweetened Buyout Offer from Majority Shareholder Chiesi
Heather Cartwright
Abstract
The Italian pharmaceutical company Chiesi Farmaceutici has made a sweetened offer to acquire the 42% of Cornerstone Therapeutics that it does not already own for US$9.50 per share in cash. The Boards of Directors of both companies have approved the deal, which values Cornerstone at approximately US$252 M and comes 7 months after Chiesi submitted an initial written proposal for a cash purchase price of between US$6.40 and US$6.70 per share. The acquisition, Chiesi’s second of 2013, will provide the company with a commercial infrastructure in the US market.
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