Italy's Chiesi seeking to take full control of Cornerstone Thera

Shares of USA-based Cornerstone Therapeutics (Nasdaq: CRTX) jumped 19.5% to $6.55 in after-hours trading on February 19, after it disclosed that privately held Italian drugmaker Chiesi Farmaceutici had approached the company with a view to acquiring the remainder of the company, in which it acquired a 65% stake in 2009.

According to a filing with the US Securities and Exchange Commission on February 18, 2013, Chiesi delivered a letter to Cornerstone’s board of directors indicated it wished to acquire 100% of its common stock for between $6.40 and $6.70 per share in an all cash transaction, a 20%-25% premium over the closing price on February 15.

In the Letter, Chiesi said it has conducted an extensive review of Cornerstone based on publically available information, Chiesi’s experience in the pharmaceutical industry and consultations with Chiesi’s advisors. Based upon Chiesi’s experience and analysis, Chiesi believes the company would be best positioned for long term growth and development as a private company and would benefit substantially from the synergies and shared resources that would result from this transaction with Chiesi.