Chiesi to buy Cornerstone Therapeutics for $9.50 a share

|About: Cornerstone Therapeutics ... (CRTX)|By:, SA News Editor

Italy's Chiesi Farmaceutic has agreed to acquire Cornerstone Therapeutics (CRTX) for $9.50 a share, below the latter's Friday close of $9.74, which gave it a market cap of $261.43M.

However, the price represents a premium of 78% over Cornerstone's closing price of $5.35 on February 15, 2013, the last trading day prior to an initial offer from Chiesi. It's also 42% above the high end of that bid.

Cornerstone CEO and Chairman Craig Collard, who owns 6% of the company, will use his shares to vote for the deal.

Cornerstone's shares have been suspended but are about to resume trading. (PR)