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Cornerstone Therapeutics Announces $70 Million Strategic Transaction With Chiesi Farmaceutici SpA
Date:5/7/2009

- CORNERSTONE GAINS EXCLUSIVE 10-YEAR LICENSE FOR U.S. COMMERCIAL RIGHTS TO MARKETED RESPIRATORY DRUG, CUROSURF(R), AND RECEIVES CASH PROCEEDS OF $15.5 MILLION

- CORNERSTONE RECEIVES FIRST RIGHT OF OFFER ON ALL CHIESI DRUGS INTENDED TO BE COMMERCIALIZED IN THE U.S.

CARY, N.C., May 7 /PRNewswire-FirstCall/ -- Cornerstone Therapeutics Inc. (Nasdaq CM: CRTX), a specialty pharmaceutical company focused on acquiring, developing and commercializing prescription medications primarily for respiratory indications, today announced a strategic transaction with Chiesi Farmaceutici SpA, a leading European pharmaceutical company headquartered in Parma, Italy, valued at $70 million, based on the 10-day average closing share price of Cornerstone. Under the terms of the agreement, Cornerstone will issue 11.9 million shares of common stock and receive an exclusive 10-year license with renewable rights for the U.S. commercial rights to Chiesi's Curosurf(R) product, the world leading treatment approved by the U.S. Food and Drug Administration (FDA) for Respiratory Distress Syndrome (RDS) in premature infants, and $15.5 million in cash. Cornerstone will also receive first right of offer on all new products and technology Chiesi intends to market in the U.S.

This transaction enables Cornerstone to:

  • Further diversify its revenue base by adding an FDA approved marketed product, Curosurf, with a leading market position and a proprietary manufacturing process;
  • Broaden its respiratory therapeutic reach and customer base;
  • Strengthen the Company's balance sheet; enabling Cornerstone to accelerate the development of its existing product pipeline, evaluate additional opportunities to enhance its product portfolio and support further growth in its sales force to expand reach; and
  • Establish a long-term relationship with a leading European pharmaceutica
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SOURCE Cornerstone Therapeutics Inc.
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