Chiesi Farmaceutici SpA is buying the shares of Cornerstone Therapeutics Inc. that it does not already own.
The purchase price works out to $9.50 per share, valuing Cornerstone at about $255 million. Chiesi currently owns 58 percent of the Cary, N.C.-based pharmaceutical company.
Cornerstone develops medications to treat high blood pressure, heart attacks, respiratory distress syndrome, cystic fibrosis and asthma.
The deal allows Parma, Italy-based Chiesi to strengthen its position in the U.S. The pharmaceutical company operates on five continents through 25 subsidiaries.
In August, Chiesi picked up private equity-backed Zymenex Holding A/S, which focuses on research and development for rare genetic diseases.
Jefferies International Ltd. is serving as Chiesi’s financial adviser. Morgan Lewis partners Steven Navarro, Emilio Ragosa, David Sirignano, Stephen Mahinka, Kathleen Sanzo, Gary Rothstein, Marc Sonnenfeld, Louis Beardell and Richard Zarin provided legal advice to Chiesi.
Lazard is acting as Cornerstone’s financial adviser, while Clifford Chance is providing legal advice. Fried Frank Harris Shriver & Jacobson LLP acted as Lazard’s legal counsel.
Other recent pharmaceutical deals include International Chemical Investors Group’s acquisition of Peptisyntha SA, and Spectrum Pharmaceuticals Inc.’s (Nasdaq: SPPI) deal for Talon Therapeutics Inc.