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.
Source: http://www.newsobserver.com
