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

of our existing product pipeline and will allow us to grow our sales organization to better position us for growth with our current and future products. We will also be in a good position to evaluate and execute on opportunities to acquire or in-license other high-quality respiratory drugs. This agreement provides us with the opportunity to work closely with Chiesi, one of Europe's most highly-respected and successful pharmaceutical companies, and achieves our stated goal of making a significant product acquisition in 2009 and increasing our penetration in the respiratory market."

"Our investment in Cornerstone demonstrates our confidence in their ability to continue growing their business in an efficient and strategic manner," said Alberto Chiesi, Chiesi's President & CEO. "Moreover, as the respiratory therapeutic space represents approximately 46 percent of our business, we are pleased to establish a relationship with a company with the good respiratory expertise that Cornerstone possesses. We believe this agreement has the potential to meaningfully increase our footprint in the U.S., the world's largest pharmaceutical market."

The closing of the transaction is subject to the approval of Cornerstone's stockholders, receipt of regulatory approvals and other customary closing conditions. The parties anticipate that the stockholders' meeting will be held in the third quarter of 2009. The board of directors of each company has approved the agreements. Houlihan Lokey served as financial advisor to Cornerstone, and Clifford Chance US LLP provided legal counsel to Cornerstone. Morgan, Lewis & Bockius LLP provided legal counsel to Chiesi.

Cornerstone will provide further details on this transaction during today's previously scheduled earnings conference call, which will begin at 8:30 AM ET. To participate in the live conference call, please dial 866-783-2137 (U.S. callers) or 857-350-1596 (international)
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SOURCE Cornerstone Therapeutics Inc.
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