Cornerstone Therapeutics Inc. Announces Receipt of Take-Private Proposal From Its Majority Stockholder
CARY, NC--(Marketwire - Feb 20, 2013) - Cornerstone Therapeutics Inc. (NASDAQ: CRTX) (the "Company") announced today that its Board of Directors has received a letter from Chiesi Farmaceutici SpA ("Chiesi"). In that letter Chiesi, which owns approximately 60% of the outstanding shares of the Company's common stock, made a proposal, subject to certain conditions, to acquire the shares of the Company's common stock that it does not already own for a cash purchase price of between $6.40 and $6.70 per share.
The text of Chiesi's letter will be filed as an exhibit to a Report on Form 8-K to be filed today by the Company with the SEC.
The Company cautions its stockholders and others considering trading in its common stock that no decisions have been made by the Board of Directors with respect to Chiesi's proposal. There can be no assurance that any agreement will result from the proposal submitted by Chiesi or that any transaction based on Chiesi's proposal will be consummated.
About Cornerstone Therapeutics
Cornerstone Therapeutics Inc. (NASDAQ: CRTX), headquartered in Cary, N.C., is a specialty pharmaceutical company focused on commercializing products for the hospital and adjacent specialty markets. Key elements of the Company's strategy are to focus its commercial and development efforts in the hospital and adjacent specialty product sector within the U.S. pharmaceutical marketplace; continue to seek out opportunities to acquire companies, marketed or registration-stage products and late-stage development products that fit within the Company's focus areas; and generate revenues by marketing approved generic products through the Company's wholly-owned subsidiary, Aristos Pharmaceuticals, Inc. For more information, visit www.crtx.com.
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