Italian drug company to buy Cary's Cornerstone Therapeutics

Sep 19, 2013 2211

Cornerstone Therapeutics announced Monday that it is being bought by an Italian pharmaceutical company, ending the Cary drug marketing firm's five-year run as a publicly traded company.

The acquisition values Cornerstone at nearly $300 million, double what the company was valued at 10 months ago.

Chiesi Farmaceutici, which already owns 58 percent of Cornerstone's stock, will pay $9.50 a share, or about $115 million total, for the remaining Cornerstone shares. The deal, which still requires approval from Cornerstone's shareholders, is expected to be finalized in the first quarter of 2014.

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