Cornerstone Therapeutics Inc. Announces Appointment of Special Committee
CARY, NC -- (Marketwire) -- 02/25/13 -- Cornerstone Therapeutics
Inc. (NASDAQ: CRTX) (the "Company") announced today that its Board of
Directors had appointed a special committee comprised of five
independent directors (the "Special Committee") to coordinate its
response to a letter from Chiesi Farmaceutici SpA ("Chiesi") received
on February 18, 2013. 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 Company cautions its stockholders and others considering trading
in its common stock that no decisions have been made by the Board of
Directors or the Special Committee 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.
The Special Committee has not set a definitive timetable for
completion of the review process, and the Company does not anticipate
making any further public statements about the proposed transaction
or the activities of the Special Committee unless and until either it
enters into a definitive agreement for a transaction, or the Special
Committee determines that no such transaction will be effected.
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.
Investor Relations Contact:
Vice President, Strategy and Business Development
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