BioCentury
ARTICLE | Finance

Ebb & Flow

May 18, 2009 7:00 AM UTC

Just after reporting its first profitable quarter, respiratory specialist Cornerstone Therapeutics Inc. (NASDAQ:CRTX) decided to exchange half the company for the right to become the U.S. marketing arm of Italian drug company Chiesi Farmaceutici S.p.A.

The deal gives Cornerstone immediate access to one marketed respiratory product, and potential rights to a pipeline of products with about $1 billion in European sales, several of which are in late-stage development in the U.S...