Chiesi To Buy Cornerstone - Quick Facts

(RTTNews) - Chiesi Farmaceutici S.p.A. and Cornerstone Therapeutics Inc. (CRTX) announced 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 positions Cornerstone for long-term growth and development as a private company.

Through the transaction, Chiesi expects to become a bigger player in special care in the U.S.

Craig Collard, CEO and Chairman of Cornerstone, who beneficially owns approximately 6% of Cornerstone's outstanding shares, has entered into a voting agreement pursuant to which he has agreed to vote all of his shares in favor of the transaction.