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Chiesi Acquires Cornerstone

By Gil Roth | September 16, 2013

$100 million buy opens U.S. market

Chiesi Farmaceutici S.p.A. has acquired Cornerstone Therapeutics in a deal valued at approximately $107 million. Chiesi already owned 58% of Cornerstone's outstanding shares and will acquire the remainder at $9.50 per share in cash.

The move is intended to advance Chiesi's initiative to build a larger global presence and will help strengthen its presence in the U.S. 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. Chiesi has several pipeline 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.

According to a Chiesi statement, the transaction also 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.

Ugo Di Francesco, chief executive officer of Chiesi, commented, "With the support of Chiesi, Cornerstone will help fulfill its mission to develop and commercialize innovative pharmaceutical solutions to improve the quality of human life. We will continue to promote Cornerstone's market leading respiratory products, as we establish a strong footprint in the special care market. We look forward to working closely with the Cornerstone management team and to welcoming its talented employees to the Chiesi family."

The transaction is expected to be close in 1Q14. Jefferies International Limited is serving as financial advisor and Morgan, Lewis & Bockius LLP is serving as legal advisor to Chiesi. Lazard is serving as financial advisor and Clifford Chance is serving as legal advisor to Cornerstone.